Fuel prices soar again as Iran war rattles oil market

Motorists across Jamaica are now paying significantly more at the pumps after fuel prices climbed for the second consecutive week, a surge linked to global oil market instability following the war involving Iran, Israel, and the United States.

New prices taking effect this Thursday show that some petroleum products have risen by as much as $7.56 per litre over the last two weeks, according to the latest adjustment by Petrojam Limited.

The increases reflect sharp movements in international oil prices, particularly in the United States Gulf Coast reference market that influences Jamaica's fuel costs.

Under the latest adjustment, 87 gasolene will increase by $4.50 per litre, moving from $154.38 last week to $158.88 ex-refinery. When combined with last week's $3.06 increase, motorists are now paying $7.56 more per litre than they were two weeks ago.

For 90 gasolene, prices also climbed $4.50 this week after already increasing $4.50 the previous week, bringing the two-week increase to $9 per litre.

Diesel users are seeing the same pattern. Automotive diesel oil rises another $4.50 to $171.25 per litre, after last week's $4.50 hike, for a total increase of $9 over two weeks. Similarly, ultra-low sulphur diesel moves up $4.50 to $178.10, also reflecting a $9 increase over the two-week period. Dealers and marketing companies will add their own margins, meaning the retail price motorists pay may be higher.

With tensions in the Middle East continuing to affect global oil supply concerns, analysts warn that Jamaicans could face continued pressure on fuel prices if the conflict persists.