The state owned oil refinery, Petrojam, is yet to determine how the new customs administration fees (CAF) will affect petroleum prices when they are implemented on April 1.
General Manager of Petrojam, Winston Watson, said on Monday that the refinery was waiting to meet with the Customs Department to ascertain how the CAF will affect import prices, before calculating the impact they will have on fuel prices to final consumers.
The new fees, which were announced as part of the tax package, were passed recently, to entice the International Monetary Fund (IMF) in giving the country a new deal.
They are also expected to affect electricity prices, since more than 90 percent of the country's electricity is generated from oil.
Dr. Peter Phillips, Finance Minister, on February 12 tabled a tax package, which included a J$3.50 customs administration fee on each litre of gasoline, diesel and crude oil.
The government is hoping that the new customs administration fees, along with other tax measures, will help it to raise J$16 billion in new taxes in the next fiscal year.
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