KINGSTON, Jamaica – The Andrew Holness led administration says it has shielded consumers and businesses from more than US$23 million in potential fuel price increases since February through the pricing mechanism operated by state-owned oil refinery Petrojam.
Energy Minister Daryl Vaz on Wednesday said the intervention had helped cushion the impact of rising fuel costs on transportation, food prices and the overall cost of living and doing business.
Speaking at the weekly post-Cabinet media briefing, Vaz said despite a recent easing in petroleum prices, uncertainty in international markets continued to influence local fuel costs.
He said Petrojam remained a critical national asset in managing global market volatility, noting that Jamaica’s energy security was supported by its refinery, substantial petroleum storage facilities and established supply arrangements.
The Minister said increased global oil production had contributed to recent price reductions, with prices expected to remain relatively stable through the end of 2026.
However, he cautioned that shipping, insurance and logistics costs continued to exert pressure on petroleum prices.
Vaz said the Government would continue collaborating with Petrojam and the Ministry of Finance to manage these pressures and protect households and businesses, as far as possible, from sudden fuel price increases.
