CARIBBEAN PETROLEUM UPDATE is a monthly Bulletin which highlights petroleum issues affecting or relevant to the Caribbean, international developments that may affect the region’s way of life and movements in oil prices and retail prices for fuel regionally. CONTACT US Caribbean Energy Information System Scientific Research Council Hope Gardens, Kingston 6, Jamaica 1-876-927-1779 (Telephone) 1-876-977-1840 (Fax) [email protected]www.ceis-caribenergy.org continued on page 2/ Caribbean Energy Information System (CEIS) June 2011 When increases in international crude oil prices occur, the impor- tant question that comes to mind is how these increases will be “passed through.” From a consumer perspective the consumer becomes concerned with the impact of such increases on retail prices of refined fuels such as gasoline, diesel, kerosene and LPG. From a Government perspective particularly in countries where government regulates the petroleum sector, explicit/timely decisions have to be taken as it relates to the degree of passed through of world oil prices to the domestic prices. Similarly in countries where retail prices are market driven, pressures are placed on governments to adjust policies or taxes to cushion the effects of higher world prices on the consumer. In such instances, effects on government revenues, income of other players such as distributors, impact on consumers, effects on income distribution and inflation and their effects on resource allocation are brought to beer. A lack of pass through reduces incentives to economize on fuel use and increases fiscal risks through unachieved subsidies or revenues. The pass through rate of world oil prices is based on a Country’s retail pric- ing regime. Pricing Regimes Most Caribbean countries utilize a market pass through pricing regime whereby countries adjust retail prices with every shipment Source: http://www.usea.org The International Crude Oil Pricing Method has been Changing together with the development of Oil Market Structure.
CARIBBEAN PETROLEUM UPDATE is a monthly Bulletin which highlights petroleum issues affecting or relevant to the Caribbean, international developments that may affect the region’s way of life and movements in oil prices and retail prices for fuel regionally.
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CARIBBEAN PETROLEUM UPDATE is a monthly Bulletin which highlights
petroleum issues affecting or relevant to the Caribbean, international developments that may affect the region’s way of life and movements in oil prices and retail prices for fuel regionally.
CONTACT US Caribbean Energy Information System
Scientific Research Council Hope Gardens, Kingston 6, Jamaica
C A R I B B E A N E N E R G Y I N F O R M A T I O N S Y S T E M ( C E I S )
REGULAR UNLEADED GASOLINE AVERAGE PRICES AT THE PUMP
January - June 2011 In June 2011, upward movements in the retail prices for regular unleaded gasoline was seen in eight of the sixteen countries
reviewed while prices remained relatively stable in five countries with the other three showing declines. These fluctuations
in prices are constantly impacted by the changes in international crude oil prices and the pricing mechanics used in each
country.
.
NOTE:
*US Gallon = 3.785 L
*Imperial Gallon = 4.546 L
*As at November 1, 2009
MTBE was phased out from
all gasoline blends in
Jamaica and replaced with
10% Ethanol.
CHART 1
See prices for other products at See prices for other products at See prices for other products at www.ceiswww.ceiswww.ceis---caribenergy.orgcaribenergy.orgcaribenergy.org ...
Table 1: Unleaded Gasoline: Regular : Average Retail Price January - June (US$/Litre)
C A R I B B E A N E N E R G Y I N F O R M A T I O N S Y S T E M ( C E I S )
International Crude Oil prices have been on the
decreasing trend over the past three months (April –
June 2011). However, Caribbean countries continue to
grapple with finding the foreign exchange to purchase
the scare resources. Prices seen in June 2011 are still
above the US$100/bbl mark. The highest average
weekly price seen in June for the product was approxi-
mately US$113.5/bbl - seen in the third week of the
month. This represented a 5.2% reduction when
compared to the same period in April 2011 and a
4.8% increase when compared to the same period in
May 2011.
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