Rapid increase in US dollar wreaking havoc on petroleum sector

The rapid slide in the value of the Jamaican dollar against the US currency is wreaking havoc on the local petroleum trade.

According to the Jamaica Gasoline Retailers Association (JGRA) it has seen a further decline in sales as the prices of petroleum products which are purchased in US dollars have been rising in recent weeks.

Derrick Thompson, President of the Association is worried that the trend could continue.

“Petrojam buys its fuel in US dollars and every time the dollar moves, the price of fuel to the consumer moves. What we’ve seen is a trending up, a significant movement in the last couple of weeks – upwards; hasn’t declined in the last three or so weeks. If the dollar keeps moving, that is what we are going to see,” he said.

 


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