Billions of dollars saved in oil import bill as prices tumble

 

The Government has reacted to news that the powerful oil cartel OPEC will not cut production levels and has forecast that this will result in billions of dollars being slashed from Jamaica's oil import bill.

 

Energy Minister Phillip Paulwell says all categories of  petroleum products are expected to record further price declines. He told RJR News that this will have a positive effect on energy costs as well as the country's foreign currency reserves.

 

There's confirmation that Jamaican consumers will see a further drop in fuel prices following yesterday's announcement by oil cartel OPEC that it will not cut petroleum production, despite a plunge in prices in recent months. Managing Director of  the oil refinery, Petrojam, Winston Watson, says in the short term, prices at the pumps will continue to fall. He says while the oil market remains volatile, over the next three months, Jamaicans will fork out less for fuel

     

Following the decision by OPEC, the price of  Brent crude oil, a global benchmark, fell an additional $4  to a four-year low of  about $73.00. American crude dropped below $70.00.