Volatility in the oil market at this time could result in further increases in the price of petrol, the state-owned oil refinery, Petrojam, has signalled.
General Manager of Petrojam, Winston Watson, says he is also not ruling out reductions in the price of fuel.
At a press conference this morning to discuss the vexed issue of sharp increases in the price of fuel in the last three months, Watson said that pricing at Petrojam was transparent and based on market references that the state-owned refinery has to follow in the industry.
He said that Petrojam’s pricing mechanism allowed for “some amount of smoothing of the price using the weekly average” to ensure that the volatility of the US Gulf Coast prices does not have an immediate impact on local prices.
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