Fuel prices fair - Petrojam

The Petroleum Corporation of Jamaica (Petrojam) is again seeking to assure that it is supplying fuel to the market at a fair price.

Yesterday, the Micro, Small and Medium Sized Enterprise (MSME) Alliance became the latest group to raise concern about Petrojam’s pricing mechanism in light of rising fuel costs.

The MSME Alliance said the impact of the high prices has been devastating for many of its members, especially taxi drivers.

President of the Jamaica Solar Energy Association and member of the MSME Alliance, Roger Chang, said the information should be made available about the pricing mechanism to dispel doubts that the public is being cheated.

However, in a statement last night, Petrojam said its pricing arrangement provides a fair and transparent mechanism for pricing its products and is based on internationally recognized practices.

The company said its Ex-Refinery prices are indexed to the US Gulf Coast Reference Prices for finished products such as gasoline and diesel.

It said movements in its prices have generally been in keeping with movements in these reference prices.

Petrojam also said a more detailed statement regarding its pricing mechanism and other issues raised by the MSMSE Alliance would be issued to the media.

Opposition Spokesman on Energy, Gregory Mair has also been strident in his criticisms of the pricing mechanism, labelling it as deeply flawed.

On Wednesday, it was announced that motorists would have to pay more for petrol for a ninth straight week as Petrojam hiked prices to just below record levels.

radio@gleanerjm.com