This year 2005, so far has been a financially challenging year for most of us. We have learnt to cut, carve and tighten in order to keep afloat. Just when we thought it couldn’t get any worst we are greeted with the news of a dramatic increase in the price of petrol by Petrojam, the state owned oil refinery.
Unleaded (87) petrol has been increased by $3.52 per litre. Unleaded (90) by $3.25, auto diesel by $2.79 and kerosene by $2.80 per litre. These increases represent an 8% hike by Petrojam to the Distributors and Retailers who will then add their respective mark up to us the consumers. ‘We all know how that can vary’.
According to Mr. Noel daCosta, chairman of Petrojam these increases are as a direct result of the record hike in world oil prices and the devaluation of the Jamaican dollar. World oil prices reached a record high of US $67.10 per barrel last week.
The cost of almost everything we do or consume is driven by petrol. Transportation plays a major role in our everyday lives. The cost of petrol is factored into most goods and services that are essential. Our utility bills are affected by the cost of petrol.
Not to mention that world oil prices may still go up further. The dollar has been slipping rapidly these last couple of weeks. Today’s bankers selling rate was as high as $62.57 Jamaican dollars to $1.00 US dollar. Where will it all end?
“It naa look pretty, Jamaica” Salaries not increasing. ‘And, if you work for the government, even more woe unto you’. As you all know under the MOU, (weda yu did sign r not) no increase forthcoming for the next couple years. Unless the government going to exempt we from all further increases like the pending bus fare.
Let’s hope that is the plan. In the meantime, “Me a go get a tighter belly ban an pray say mi no bust’.
Nuff Love