Chief Executive Officer of Future Energy Source Company (FESCO), Jeremy Barnes, says the company is awaiting regulatory approval to begin marketing in 93 octane fuel locally.
Speaking on Radio Jamaica's Real Business, Mr. Barnes said approval is needed from the Ministry of Energy and the Bureau of Standards Jamaica before the fuel can be officially introduced.
He noted that FESCO has already made the necessary capital investments in anticipation of the rollout.
However, he pointed out that some service station operators are reluctant to carry the fuel due to the additional cost of
upgrading storage tanks and infrastructure.
Mr. Barnes argued that the market is already noting that newer European and Chinese model vehicles require higher octane fuel to operate efficiently, a position supported by auto dealers.
He acknowledged that Jamaica's import remains high with approximately $620 million spent on motor vehicles and $1.7 billion on fuel last year.
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