Minister of Energy, Transport and Telecommunications, Daryl Vaz, says the Government is expected to recover losses incurred by State refinery, Petrojam, as a result of rising global oil prices.

“Subsidies were incurred due to significant absorption by Petrojam of sharp increases in global oil prices caused by the conflict in the Middle East. It is expected that the accumulated subsidies for the current financial year will be recovered over time through the pricing mechanism as global market prices normalise,” Vaz said.

He was responding to questions posed by Member of Parliament for Kingston Eastern and Port Royal, Phillip Paulwell, during Tuesday’s sitting of the House of Representatives.