Despite volatility in the global oil market, Jamaica’s energy security remains intact.

That is the assurance from Energy Minister Daryl Vaz at Jamaica House this morning (April 15) as he updated the nation on the Middle East war’s financial impact on Petrojam.

It is projected that if elevated prices persist up to June 2026, the Government will face an $11.8 billion bill.

Mr. Vaz explained that between March 12 and April 8, the full increase in transported fuel prices averaged approximately J$49.20 per litre.

However, he said only J$18 per litre was passed on to consumers based on the Government’s pricing cap at $4.50 per litre per week, up or down.

He said up to J$1.4 billion was absorbed, reducing the impact on consumers.

He added that this absorption cannot be sustained, and considerations will have to be made for a revised tiered pricing mechanism.

Vaz also suggested that there may have to be policies to restrict movement in the country as part of conservation measures.

However, the Minister said that while oil prices are increasing, mechanisms are in place to protect the sector.

He stressed that there is no need to panic.