Errol Edwards, former president of the Jamaica Gasolene Retailers Association, says consumers are set to benefit from lower fuel prices because of the intense competition currently taking place in the retail segment of the fuel industry.
In order to support this statement, he stressed that there are currently some 400 retail outlets compared with 200 just two years ago.
Mr. Edwards also pointed out that there are now mobile retail outlets.
He noted that most of the products are imported refined-products, because Petrojam is currently doing very little refining since it does not have the capacity to do so efficiently.
Mr. Edwards indicated that another 11 new retail outlets will be coming on stream shortly, while adding that prices will fall even further if and when Venezuelan oil production, which currently accounts for less than 1% of world 's output, comes back on stream.
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