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Private sector groups bemoan fuel prices

Published:Thursday | February 4, 2016 | 9:34 AM

At least three private sector groups are again bemoaning the slow rate at which reduced fuel prices are reflected at the pumps.

The Jamaica Chamber of Commerce (JCC), the Jamaica Manufacturers Association (JMA) and the Private Sector Organisation of Jamaica (PSOJ) say consumers are not getting the best prices for fuel despite the decline in fuel prices on the world market since the start of 2016.

The private sector groups says it has calculated that about $18 billion would have been added to the economy given the recent decreases.

It says this would be a significant stimulus for consumer spending.

It is recommending that the Government privatise Petrojam to increase efficiency.

The JCC, JMA and PSOJ have also been lobbying CARICOM through energy minister Phillip Paulwell, to consider removing the Common External Tariff on oil imports from outside the region.

They say if the CET is removed, Jamaica will be able to buy cheaper fuel outside of the region.