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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Gas retailers urge government to source cheaper fuel ( RJR )...</span>
With fears that the price of oil could soar in coming months, a suggestion has been made for the Government to enter into new deals with international suppliers in a bid to ease the pressure on consumers.The Jamaica Gasoline Retailers Association (JGRA) says it is worried that the administration appears to have resigned itself to higher oil prices.President of the Association, Trevor Heaven, says the time has come for the Government to negotiate new supply contracts to obtain oil at cheaper rates.Mr. Heaven is suggesting that talks be held with countries such as Trinidad, Venezuela and Mexico."I believe that we should negotiate and we should seek some kind of arrangement, government to government arrangement, to see if we can broker a deal so we can somehow ease the pain and the burden of these spiraling increases on us as the consuming public and at the same time expedite the whole idea of LNG," Mr. Heaven said.In the meantime, oil prices fell slightly on Wednesday after reaching $91.88 per barrel on Monday, the highest mark in 26 monthsBrent North Sea crude set for delivery in February fell by 28 cents to $94.10 per barrel in London trading, while on the New York Mercantile Exchange, light, sweet crude oil dropped from an overnight peak of $91.53 per barrel to $90.99.Oil prices hit a high as Sunday's blizzard in the US and similar cold temperatures in Europe pushed up demand.However, the peak was subsequently lowered by China's announcement that it would lower interest rates, which threatened to slow demand in the world's second-largest oil consumer.
<span style="font-weight: bold"> Confirmed : Gas retailers urge government to source cheaper fuel ( RJR )...</span>
With fears that the price of oil could soar in coming months, a suggestion has been made for the Government to enter into new deals with international suppliers in a bid to ease the pressure on consumers.The Jamaica Gasoline Retailers Association (JGRA) says it is worried that the administration appears to have resigned itself to higher oil prices.President of the Association, Trevor Heaven, says the time has come for the Government to negotiate new supply contracts to obtain oil at cheaper rates.Mr. Heaven is suggesting that talks be held with countries such as Trinidad, Venezuela and Mexico."I believe that we should negotiate and we should seek some kind of arrangement, government to government arrangement, to see if we can broker a deal so we can somehow ease the pain and the burden of these spiraling increases on us as the consuming public and at the same time expedite the whole idea of LNG," Mr. Heaven said.In the meantime, oil prices fell slightly on Wednesday after reaching $91.88 per barrel on Monday, the highest mark in 26 monthsBrent North Sea crude set for delivery in February fell by 28 cents to $94.10 per barrel in London trading, while on the New York Mercantile Exchange, light, sweet crude oil dropped from an overnight peak of $91.53 per barrel to $90.99.Oil prices hit a high as Sunday's blizzard in the US and similar cold temperatures in Europe pushed up demand.However, the peak was subsequently lowered by China's announcement that it would lower interest rates, which threatened to slow demand in the world's second-largest oil consumer.