JAMAICA · ENERGY
Key Facts
- —What is happening Jamaica’s Energy Minister Daryl Vaz announced on Wednesday, 14 October, that the government has shielded consumers and businesses from JMD 3.7 billion (more than US$23 million) in potential fuel price increases since February.
- —Why it matters Jamaica prices its fuel off US Gulf Coast reference prices, so American market swings feed into Jamaican prices every week, and the minister says the cushion has eased pressure on transport, food and living costs.
- —The numbers Petrojam’s list for 14 October puts 87-octane gasoline at JMD 206.31 a litre (about US$4.89 a gallon), down 1.5%, and diesel at JMD 245.32 (about US$5.81 a gallon), up 1.3%.
- —Who is who Daryl Vaz is Jamaica’s minister of energy, transport and telecommunications, and Petrojam is the state refinery, the island’s only one, whose weekly formula sets the wholesale price of gasoline, diesel and cooking gas.
- —What to watch Petrojam’s next weekly price list is expected around Wednesday, 21 October, and the minister expects world prices to stay relatively stable through the end of 2026.
- —Prediction markets Polymarket bettors give a 68.5% chance that US crude touches US$100 a barrel in October, 15% for US$110 and 18% for a fall to US$85 (15 October, 4:10 p.m. ET).
- —What it means for you American drivers in Jamaica pay for fuel priced off a US Gulf Coast benchmark, and Petrojam’s 87-octane wholesale price of about US$4.89 a gallon already exceeds the US retail average of US$4.33.
Jamaica says it has shielded consumers from JMD 3.7 billion (more than US$23 million) in potential fuel price rises since February. The island prices its fuel off US Gulf Coast references, so American market swings feed into its prices every week.
Energy Minister Daryl Vaz said on Wednesday that the Government has shielded consumers and businesses from potential fuel price rises since February. He gave the JMD 3.7 billion (more than US$23 million) figure at the 14 October post-Cabinet briefing, citing the Petrojam pricing mechanism.
Petrojam, the state refinery, listed 87-octane gasoline on Wednesday at JMD 206.31 a litre (about US$4.89 a US gallon), down 1.5%. That wholesale price is above the US retail average of US$4.331 a gallon, though taxes and grades differ.
What the Minister Said on Fuel Price Rises
Vaz said Petrojam’s pricing mechanism shielded consumers and businesses, easing the impact on transport and food prices. He called Petrojam, Jamaica’s only refinery, a critical national asset for navigating international market volatility.
The minister said petroleum prices had eased in recent weeks, but international markets remain uncertain. He credited higher global oil production and expects prices to stay relatively stable through year-end.
Irie FM, a Jamaican radio station, reported the shielding as over JMD 3.7 billion (about US$23 million) in potential fuel price increases. In its account, Vaz called petroleum prices an ongoing concern for the Government.
How a US Benchmark Sets Jamaica’s Fuel Prices
Petrojam’s pricing policy says its prices are calculated weekly and indexed to US Gulf Coast reference prices for each fuel. It adds freight, insurance, financing and foreign-exchange costs plus government taxes, then converts the total into Jamaican dollars per litre.
Conversions use JMD 159.81 per US$1, the Bank of Jamaica’s published selling rate for Wednesday, 14 October. A US gallon is 3.785 litres, and the US$ values are rounded.
This Week’s Petrojam Price List
Petrojam’s 14 October list puts 87-octane gasoline at JMD 206.31 a litre (about US$1.29), against JMD 209.37 (US$1.31) a week earlier. Diesel rose 1.3% to JMD 245.32 a litre (about US$1.54), with new prices starting Thursday, the Observer says.
About JMD 56.53 a litre (US$0.35) of the 87-octane price is special consumption tax, roughly 27% of the total. These are wholesale prices without the retailers’ mark-up, so pump prices are higher.
Where Jamaican Prices Sit Against the US
The US Energy Information Administration put the average US retail price of regular gasoline at US$4.331 a gallon on 12 October. Its average for on-highway diesel was US$6.179.
Petrojam’s 87-octane wholesale price of about US$4.89 a gallon is already above the US retail average, before any retail mark-up. Diesel, at about US$5.81 a gallon, sits below the US average, though tax structures, grades and margins differ.
What the Government Said Earlier This Year
In May, Vaz said the price cap shielded consumers by about US$8.6 million (JMD 1.3 billion to 1.4 billion) by 8 April. He projected JMD 11.8 billion (about US$74 million) by June if the cap stayed, a figure the report leaves unlabelled.
In July, Vaz said Petrojam’s accumulated subsidies should be recovered over time as world prices normalise. The Government had by then announced a revised tiered pricing system.
What Prediction Markets Say
Polymarket bettors give a 68.5% chance that US benchmark crude, West Texas Intermediate, touches US$100 in October. The US$100 contract has about US$350,000 traded (15 October, 4:10 p.m. ET).
Bettors give 14% for US$110 and 19.5% for a dip to US$85. These are bets on the US crude price, not forecasts for Jamaican pump prices.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What It Means for US Readers
Americans driving in Jamaica pay for fuel priced off a US Gulf Coast benchmark, plus Jamaican taxes and retail mark-ups. Because Petrojam recalculates prices weekly, moves in the US Gulf Coast market pass quickly into Jamaican prices.
Jamaica’s statistics office, STATIN, put annual inflation at 7.9% in August, with prices up 0.6% on the month. That is above the 4% to 6% target range of the Bank of Jamaica, the central bank.
Background is available in Jamaica and Its Neighbours in the Caribbean and in the facts on Jamaica’s development status. The Rio Times also covered the fiscal side in Jamaica Misses Revenue Target by US$197 Million.
What Is Not Known
The briefing coverage does not explain how the JMD 3.7 billion (about US$23 million) is calculated or who ultimately bears the cost. It is also unclear how it relates to the May projection of JMD 11.8 billion (about US$74 million) by June.
Whether the Government will keep the cushion if oil prices rise again is not stated. Vaz said only that it will work with Petrojam and the finance ministry to protect households from sudden increases.
The sources found give no retail pump price, so the cost of a litre at the pump is unknown. Only the Jamaica Observer gave the Thursday start date for the new wholesale prices.
What Comes Next
Petrojam’s last two price lists were dated Wednesday, 7 October and Wednesday, 14 October. If the weekly rhythm holds, the next list falls on Wednesday, 21 October.
Frequently Asked Questions
How much has Jamaica shielded consumers from fuel price rises?
Vaz said Jamaica shielded consumers and businesses from JMD 3.7 billion (more than US$23 million) in potential fuel price increases since February. He gave the figure at the post-Cabinet press briefing on Wednesday, 14 October.
What is Jamaica’s gasoline price now?
Petrojam’s wholesale price for 87-octane gasoline is JMD 206.31 a litre (about US$4.89 a US gallon), down 1.5% on the week. Retailers add their mark-up on top.
Why does Jamaica’s fuel price follow the United States?
Petrojam indexes its product prices to US Gulf Coast reference prices for each fuel. It then adds shipping, financing, exchange-rate costs and taxes.
Who is Daryl Vaz?
Vaz is Jamaica’s Minister of Energy, Transport and Telecommunications. He spoke on Petrojam’s finances in Parliament in May and July.
Do US drivers pay more or less than Jamaicans?
The US average for regular gasoline was US$4.331 a gallon on 12 October, below Petrojam’s wholesale price of about US$4.89 before mark-up. Diesel averaged US$6.179 in the US against about US$5.81 wholesale in Jamaica.
When is the next price change?
Petrojam publishes new prices weekly, and its last two lists were dated Wednesday, 7 and 14 October. The next would fall on Wednesday, 21 October if that pattern holds.
Sources: Jamaica Information Service, 14 October 2026; Irie FM, 14 October 2026; Petrojam price list, 14 October 2026; Petrojam price list, 7 October 2026; Petrojam pricing policy; Jamaica Observer, gas prices; Bank of Jamaica, exchange rate, 14 October 2026; Jamaica Observer, exchange rate; Jamaica Information Service, 6 May 2026; Jamaica Information Service, July 2026; Jamaica Gleaner, 16 July 2026; US Energy Information Administration, weekly retail prices; STATIN, August 2026 inflation; Bank of Jamaica, inflation target (all accessed 15 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief