The ex-refinery prices announced by Petrojam for the week ending July 2013 showed an increase in the price for all three transportation petroleum products: 87 Octane, 90 Octane and Diesel fuel.
The price per litre (J$/L) for 87 Octane J$115.21 represented a 10% increase over the price for the corresponding period in 2012. In comparison to June month-end 2013 when the price was J$111.27 for 87 Octane, the price rose by 4%.
90 Octane price per litre (J$/L) $116.87 marked a 9% increase over the price for the corresponding period in 2012. Additionally against the price of J$112.93 for June month-end 2013 the price rose by 3%.
For Diesel at a price of J$115 per litre in comparison to July month-end 2012 it represented a 7% increase in the price for the product. The price for Diesel fuel in June month-end 2013 was 4.2% less than July month-end at J$110.30 per litre.
The high cost of fuel weakens business competitiveness and is also a barrier to growth. The IMF program speaks to structural reforms that the government of Jamaica will seek to implement, that will address factors such as high fuel costs. The aim of the reform will be to achieve profuse reductions in the cost of energy. For more information about the structural reforms of the IMF program check out our IMF Special Report. Fueled by research, it is the first and only online information portal about Jamaica’s relationship and interaction with the IMF, providing valuable news, data, timelines and resources.