$3.7 billion in fuel price increases absorbed by gov’t since February – Vaz

Energy Minister Daryl Vaz says the Government has absorbed more than US$23 million, or approximately J$3.7 billion, in potential petroleum price increases since February to cushion the impact of global oil prices on Jamaican consumers and businesses.

Speaking at a post-Cabinet press briefing at Jamaica House on Wednesday, Vaz said the intervention was made through Petrojam’s pricing mechanism amid continued uncertainty in international oil markets.

Vaz said the intervention had a significant impact on transportation, food prices and the overall cost of living and doing business.