Vaz: Government has absorbed $3.7 billion in potential fuel price increases since February

The Government, through the Petrojam pricing mechanism, has shielded Jamaican consumers and businesses from J$3.7 billion (more than US$23 million) in potential fuel price increases since February.

Energy, Transport and Telecommunications Minister, Daryl Vaz, who made the disclosure at Wednesday’s Post-Cabinet press briefing at Jamaica House, said that the intervention has helped cushion the impact on transportation, food prices and overall cost of living and doing business.

“While we have seen some easing [in petroleum prices] in recent weeks, international markets remain uncertain and global developments continue to influence the cost of fuel in Jamaica,” he pointed out.