Archive for May, 2008

Gas Sales down 10%

Friday, May 30th, 2008

Reports are now surfacing that Gas Sales has fallen as much as 10%.

The Jamaica Gleaner reports, that retailers have seen a 10% drop in volumes at the gas pumps.  The retailers believed the situation will get worse in the summer holidays when schools are out and volumes normally decline.

In the USA, they have also seen a decrease in the number of miles driven that Americans are doing for the first time in 26 years.

All this is driven by the record Oil prices that the world has seen in the last few weeks. Oil Prices have hit a record high of US $135 per barrel.

Yesterday, ex-refinery prices on Petrol announced by PetroJam increased by between $2.89 and $2.96.

You can read the full story here Gas retailers report one-tenth drop in sales - Edwards says summer will be challenging

Oil Prices at $135 a barrel

Wednesday, May 21st, 2008

The writing is on the wall. It is going to be a bad summer as Oil prices continue its march to that $150 mark. Once again Jamaicans will have to deal with massive increase at the pumps once again. The world is definitely facing a serious energy crisis.

Jamaicans Buying Less Gas

Friday, May 16th, 2008

It now seems that the tipping point has been reached and Jamaicans are now reducing their expenditure at the pumps. The Jamaica Gasoline Retailers Association president, Errol Edwards,  reports that in recent times there has been a 5-7% reduction is the amount of gas being sold. He is more than right in blaming the high gasoline prices for this reduction.

On a day when Oil prices rose to a new high of US$127 per barrel of Oil, Jamaicans are evidently finding the high prices troubling.  Jamaican consumers are also being hit with higher food, transport, water and energy costs.

There are projections that the price of Oil could average $141 for 2008, with some analysts predicting Oil Prices of US$200 per barrel.  Jamaican consumers will now have to make every effort to conserve.

Massive increase in Gas Prices

Wednesday, May 14th, 2008

Petrojam has announced massive increases in the prices of Gasoline this week in Jamaica. The prices of 87 and 90 has been increased by $2.49 and Diesel by $2.97

The record price of oil on the world market will continue to drive up the price of Gasoline in the coming weeks. We are in for an interesting ride in the coming weeks.