Petrojam, the state owned oil refinery, has announced that it will cut the prices of some products, effective Friday.
The price of E10-87 and E10-90 gasoline will go down by J$2.45 while that for diesel will be reduced by $2.30.
The price cut for kerosene oil will be $1.59.
Propane cooking gas however rises by 51 cents while $1.04 has been added to the price of butane gasoline.
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Debbie-Ann Wright, News Editor
The Gleaner/Power106 News Centre
The Energy Ministry is looking to overhaul the licensing and registration process for gas stations as it seeks to address competitiveness in the sector.
In recent weeks, gasoline retailers have been complaining of dwindling profits with some gas stations even being forced to close.
In a release yesterday, the energy ministry stated that the number of service stations and their proximity to each other was contributing to the low margins.
It said currently the service stations are licensed by the Resident Magistrate Courts and not by the Ministry.
Energy minister Paulwell said a one-stop-shop for licensing and registration of sector participants being worked on by the government will help to resolve this problem.
President of the Jamaica gasoline Retailers
Gasolene prices will go up by $2.00 per litre come tomorrow.
A litre of E-10 87 gasolene will sell $107.52 while E-10 90 gasolene will be sold for $109.17.
The price of automotive diesel oil will be increased by $1.11 to sell for $107.29 per litre.
A litre of kerosene oil has been cut by $1.68 and will be sold for $109.85.
A litre of butane has been reduced by $0.57 and will sell for $49.92.
However, the price of propane cooking gas has been reduced by $2.08 and will be sold for $33.56 per litre.
Retailers will add their mark-ups to the announced prices.
editorial@gleanerjm.com
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The gasoline retail trade is suffering a fallout due to increased operational costs and weak sales with word coming that six service stations are on the verge of
Former President of the Used Car Dealers Association Ian Lyn is repeating calls for the PNP administration to move decisively to roll back the ad valorem tax on gas.
Motorists have been calling for the removal of the tax on gas in light of increasing fuel prices.
Lyn said the government needs to honour its election promise to roll back the tax.
Lyn said there would be no need for a fare increase, if the gas tax is withdrawn.
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Oil prices dropped Wednesday after the government said US supplies grew more than expected last week.
Benchmark West Texas Intermediate crude fell $1.53 to finish at $102.67 per barrel in New York, while Brent crude lost 81 cents to end at $117.97 per barrel in London.
The Energy Information Administration reported that US crude oil supplies grew by 3.9 million barrels last week. Analysts expected an increase of 400,000 barrels. The government’s weekly report also said that US oil demand dropped 2.7 per cent, gasolene demand fell 2.8 per cent, compared with a year ago.
Anemic demands
The data suggest that motorists aren’t filling up as much ahead of the summer driving season.
“You continue to see some pretty anaemic fuel demand levels” in the US, said Gene McGillian, a broker and oil analyst at Tradition Energy.
US retail gasolene prices dipped slightly to a national average of $3.899 per gallon, according to AAA, Wright Express and Oil Price Information Service. The national average has declined by 2.6 cents this month, and it’s now just barely under $3.90 for the first time since March.
Experts say that gasolene prices have levelled off this month, but they’re likely to rise to around $4 per gallon during the next few weeks as more refiners switch to producing summer blends of fuel.
In other energy trading, heating oil gave up less than a penny to finish at $3.1182 per gallon and gasolene futures lost 3.13 cents to end at $3.2027 per gallon. Natural gas futures were unchanged at $1.9510 per 1,000 cubic feet.
http://jamaica-gleaner.com/gleaner/20120419/business/business3.html
The Jamaica Gasoline Retailers Association, JGRA, says as much as 6 dollars could be shaved off
MOTORISTS will have to fork out even more cash when they go to the pumps this week as gas prices have increased yet again.
The prices of 87 and 90 gasoline have risen by $1.10 and will be sold for $105.94 and $107.59 per litre respectively.
Propane Liquid Petroleum gas has increased by 44 cents and will be sold for $44.17 per litre.
However, the price of Automotive Diesel Oil has dropped by 73 cents and will now be sold for $105.76 per litre.
Kerosene and Butane Liquid Petroleum have also experienced price decreases of 73 cents and 41 cents respectively and will be sold for $108.69 and $60.14 per litre.
Retailers will add their own mark up
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Gasolene prices will go up by $1.10 this week.
Effective tomorrow, it will cost $105.94 to buy a litre of E-10 87 gasolene while E-10 90 gasolene will be sold for $107.59 per litre.
In the meantime, the prices of other products have been cut.
The price of automotive diesel oil will move down by $0.73 to sell for $105.76 per litre.
A litre of kerosene oil has been cut by $0.65 and will be sold for $108.69.
A litre of butane has been reduced by $0.41 and will sell for $60.14.
However, the price of propane cooking gas has gone up by $0.44 with a litre to be sold for $44.17.
Retailers will add their mark-ups to the announced prices.
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