The Jamaica Gasolene Retailers Association (JGRA) is expressing concerns with the pricing mechanism used by Petrojam, asking for a clear and transparent explanation. The organisation is also troubled by the excessive losses of fuel being incurred by Petrojam since 2013.
These were among a number of issues brought to light in the just tabled Auditor General’s report into the operations at the Petroleum Corporation of Jamaica (PCJ) and its affiliate, the state-owned oil refinery, Petrojam, which JGRA’s president, Gregory Chung, found quite alarming.
“The JGRA is joining the call for a forensic audit of the entity and to put the necessary measures in place to cauterise the losses,” Chung said.
The Auditor General’s scathing 113-page report, which was tabled in Parliament on Tuesday, questioned Petrojam’s pricing mechanism. It pointed out that owing to the absence of minutes for meetings held, it could not be determined whether the market adjustment of fuel was always determined in a transparent manner.