Devaluation will lead to hike in fuel price - JGRA

With the country absorbing news that the local currency is now trading at its lowest against the US dollar a warning is being issued for Jamaicans to starting bracing for the negative effects in coming weeks.

The Jamaica Gasoline Retailers Association (JGRA) says prices at the pumps will be affected.

The American currency ended trading yesterday at $131.58. 

The Jamaican dollar started to slide against the US dollar about a week ago after trading steadily for more than eight months. 

Based on this, the Central Bank has advised Jamaicans not to panic over how the dollar is moving in the wake of  stable inflation.                                                                               

Meanwhile, in a statement, Opposition Spokesman on Finance, Mark Golding, said the Government's silence on the decline in the value of  the Jamaican dollar is unacceptable.

He said it's time for the Andrew Holness administration to tell the public the reason for the currency depreciation and warned that consumers should expect price increases.

He added that many businesses are now worried as they suffer mounting foreign exchange losses, and uncertainty as to how to respond.


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