Mr Paulwell said there is no need for the government to collect the Hedge levy because it has long abandoned the hedge protection against oil price increases, which was implemented by the last PNP administration to protect the nation in the event that oil price instability returned to the market, sending the cost of oil at the pumps to record high levels.
The PNP Shadow Spokesman said it is in the government’s hands to remove the levy and spare the public the burden of the increases being announced by PetroJam on a weekly basis.
He said the government has been short-sighted in its approach to global issues and the movement of oil in the sector and has exposed the country to the unexpected shocks of increases per barrel of crude oil.
He said as long as there is instability in the Gulf region and the unsettled conflicts among key oil producing countries, the price of oil will remain uncertain.
- Countries: Jamaica