The Jamaica Chamber of Commerce (JCC) is to conduct an assessment to determine the impact of the rising cost of fuel on its members.
The findings are expected early next week.
According to Milton Samuda, JCC President, who spoke with RJR’s Financial Report, the assessment will, among other things, determine how businesses are coping amidst the instability in prices at the pumps.
"(It) will try to get feedback from members in relation to the impact already felt and the potential impact if oil prices continue to trend upwards as is expected. We are concerned about the impact on our members and the public, the impact on inflation and the targets that the government may have," Mr. Samuda said.
The JCC's assessment follows concern raised last week by Prime Minister Bruce Golding that the inflation target could be derailed by the current spike in oil prices.
Prices at three year high
Oil prices reached a near three year high on Monday with no end in sight to the deepening crisis in Libya.
Investors are also worried that a prolonged period of high oil prices could stifle economic growth and erode corporate profits, while adding to inflationary pressures in emerging economies.
US crude oil futures jumped one-point-six percent, topping US$106 a barrel, to the highest price in 2 and a half years as a counter-offensive by Libya's Muammar Gaddafi against rebels deepened concerns that a civil war is brewing in Africa's largest holder of oil reserves.
One commodities trader said the situation in Libya is driving fear in the oil market.
US crude price is now up by more than 20% in the last two weeks.
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