Petrojam Projects Sales of 12.21 Million Barrels for 2026/2027

• Petrojam, Jamaica’s only petroleum refinery, is projecting total sales of 12.21Mn barrels for the 2026/2027 financial year, with 7.2Mn barrels allocated to the domestic market and 4.9Mn barrels for export. “This dual role ensures reliable local supply while generating valuable foreign exchange earnings,” Minister of Energy, Transport and Telecommunications, Hon. Daryl Vaz, said. He was making his contribution to the 2026/27 Sectoral Debate in the House of Representatives.
• Between March 12 and April 8, 2026, transport fuel prices rose by about $49.20 per litre, but only $18 was passed on to consumers due to the Government’s pricing cap. He noted that the remaining cost was absorbed by Petrojam to cushion households and businesses.
• “That is a buffer of about US$8.6Mn ($1.3Bn to $1.4Bn) worth of protection that this Government has provided for Jamaicans during this energy crisis. While this buffer is effective, this intervention is costly, with projections reaching $11.8Bn by June 2026 if maintained,” Mr. Vaz told the House.
• Consequently, the Government has introduced a revised tiered pricing system to better reflect global market changes while managing price volatility. Minister Vaz also told the House that the Government is actively exploring opportunities to further optimise Petrojam’s role, through strategic partnerships, diversification, and potential public-private collaboration.
• This includes examining cleaner fuel options such as LNG (liquefied natural gas), expanding renewable integration within operations, and aligning with broader climate and sustainability goals.

(Sources: JIS & NCBCM Research)