Shadow Minister of Mining and Energy, Phillip Paulwell, has expressed alarm at the escalating prices for petroleum products, stating that they have reached all-time highs.

Since January there have been almost weekly increases in the price of petroleum products and, according to Paulwell, the continued increases will have a devastating impact on the local economy.

He said the Government must relent in its position and remove the discretionary taxation on petroleum products, and bring immediate relief to consumers.

With the latest announcement of the ex-refinery prices by Petrojam, Paulwell, in a statement on Tuesday, said he is concerned about the impact of the increases on goods and services and the delivery of the goods and services throughout the country.

He said the price movements would also impact all sectors of the economy, particularly the transport sector, which is still undergoing a period of uncertainty and adjustment.

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