Jamaica Gas Prices

According to a report from in the Jamaica Gleaner, Oil prices have now fallen to US$71.63 per barrel. This is certainly good news to Jamaicans . The analyst blame the drop in price on the weak American economy.

However a weak American economy threatens the Jamaican economy as the majority of our tourists come from the USA and significant  portions of our trade. Also many Jamaicans also depend on remittances from relatives in the United States of Amercican, Canada and the United Kingdom among other countries.

However, lower oil prices should result in lower electrcity bills. So while motorists might breathe a sigh 0f relief, consider the rest of the economy.

Related

• Oil prices sink as weak economy data rolls in

Jamaica Gas Prices was set up with the idea that persons would share and save. Today that vision remains the same. By taking a few moments to note the prices you pay at the pump and posting that prices you would have shared and helped someone to save.

If everyone shares, we will easily know the best prices and where to get them. If are see prices as you drive along noted them or better yet have someone driving with you note the prices and at a safe time post these at http://jamaicagasprices.com.jm or http://mobile.jamaicagasprices.com.jm/ on your smartphones such as the Blackberry, Nokia, IPhone, HTC and others. You can follow us on twitter at http://twitter.com/jamaicagasprice

Once again we invite people to share. We are committed to bring some new features despite our failures in the past.

We need your participation, share and save in 2010. We will all need each other’s support.

Prices as seen at the New Kingston Texaco Service Station on January 2, 2010

Starting January 1, 2010,  the price of gas products at the pump at Jamaican service stations has risen. This is a result of the new taxes announced by the Government of Jamaica on December 17, 2009 and retained in revised tax package of December 23, 2009. The government hopes to raise JMD $9.4 billion of taxes from this measure.

The resulting effect is that motorist will pay significantly more at the pump.  As demonstrated in the previous post, ‘New Gas Tax hits Jamaica‘, the price to motorist will move up no less than $9.00 per litre at this time.  A Gleaner/Power 106 news report suggested the price of gas will increase by over $10 per litre.

On the street

When motorists drive around or visit the pumps this week, they will see prices ranging from the high eighties (80s)  to the high nineties (90s).  With the price of Oil increasing on the world market, expect to see gasoline being sold for as much as JMD $100+ per litre ( JMD $460 per gallon) in the coming weeks.

Sources:

• Gas prices to increase by at least $10

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.

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