Jamaica’s sole oil refinery and primary fuel source, Petrojam, says it is aware of public concerns about how the US/Israel-Iran conflict will affect local fuel prices and continues to monitor international developments.

In a statement it said the published ex-refinery prices for petroleum products effective today March 5, reflected price adjustments across all classes of fuels.

According to Petrojam, recent movements in the US Gulf Coast (USGC) reference prices for petroleum products have shown upward adjustments amid volatility in international energy markets.

The refinery said as the primary pricing benchmark for this region, the USGC reference prices are relied upon to determine the ex-refinery prices for Petrojam’s range of fuels.

Based on the movements in these USGC reference prices for this week, Petrojam said the price range for transportation fuels reflected increases in the order of $8.45 cents to $12.66 cents per litre.

The release stated that, as designed, Petrojam’s pricing mechanism mitigated the full impact of these increases.

Therefore, the full price increases were not passed on in the ex-refinery prices.

Petrojam said it will continue to closely monitor any change in the US Gulf Coast reference prices for finished petroleum products.

It noted that the company’s pricing committee, which is comprised of internal personnel and observers from the Office of Utilities Regulation and the Ministries of Finance and Energy meet every Wednesday at 9:30 a.m. to determine ex-refinery prices which are published on the same day.

In the meantime, Petrojam is reassuring the public that the refinery continues to maintain normal fuel inventory levels and that Jamaica’s fuel supply remains stable.

Petrojam said as the country’s sole refinery and a key supplier to the local market, it continues to monitor international developments and remains committed to serving Jamaica’s energy needs.

As a cost-saving measure, Petrojam is reminding motorists to manage their fuel costs by ensuring they use the grade of fuel recommended by their vehicle manufacturer.

In some cases, this may include using the more affordable 87-octane gasoline where appropriate. Motorists are also encouraged to practice efficient driving habits and energy management to help cushion the impact of higher fuel costs.