Jamaica's oil bill, which was running at US$1.5 billion during the first 10 months of last year at an average price of US$65 per barrel has skyrocketed to over $2 billion this year.
This is because of the certain crude oil prices in the wake of the current war between the USA, Israel and Iran.
It will also make Jamaican products more expensive in both the domestic and export markets, widening the trade deficit.
The trade deficit was running at US$4.8 billion during the first 10 months of last year.
The price of West Texas Intermediate jumped by 6.77 per cent to close at US$71.56 while Brent crude rose 7.63 per cent to close at US$78.43 per barrel.
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