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Gas prices up $4.50

Gas prices will continue to rise for the 12th consecutive week on Thursday.
 
A litre of 87 and 90 gasoline will sell for $4.50 more.
 
Prices at the pumps will soar to the highest in about 18 months.
 
Automotive and Ultra Low Sulphur Diesel as well as Kerosene and Propane will each increase by $3.06.
 
Butane will cost $2.97 more.
 
Jamaica's oil refinery, Petrojam, has issued a statement explaining the hike in gas prices over the last few weeks.
 
Petrojam noted that severe and sustained winter storms in Texas have forced the full or partial closure of several refineries and the inability of ships to operate. 
 
It said this has resulted in a significant reduction of finished products to the market.
 
Additionally, the supply disruption has triggered an extraordinary increase of 12% in the US Gulf Coast Reference price per barrel, which is the main input in determining Petrojam's ex-refinery price.
 
Petrojam said this situation, coupled with the devaluation of the Jamaican dollar, has led to increases in the refinery billing prices effective Thursday.


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