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More effort needed from gov't to pass on oil price savings - NDM

Published:Thursday | December 25, 2014 | 6:16 PM

The National Democratic Movement (NDM) says the government should do more to ensure that savings being seen from the reduction in the price of oil on the world market is passed on to consumers.

The state owned oil refinery, Petrojam, has been accused of not being transparent in its pricing mechanism and failing to pass on price reductions.

However, Petrojam has rejected those claims.

Petrojam has explained that it buys crude which is refined into a range of petroleum products.

The company further asserts that there will be variations between prices quoted for crude oil as against finished products.

However, the NDM believes that the price cuts announced by Petrojam should be much lower.

The party wants Portia Simpson Miller to give a directive for all the savings to be passed on to Jamaicans so that significant reductions in goods and services can accrue to stimulate economic activities.

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