March 13, 2026
Minister of Finance and the Public Service, Fayval Williams, has assured the public that Jamaica is well positioned to manage potential fluctuations in global oil prices arising from the ongoing conflict in the Middle East.
Speaking during the post-Cabinet press briefing held on March 11 at Jamaica House, Minister Williams pointed to the country’s strong Net International Reserves (NIR), which currently stand at approximately US$6.8 billion, as a key safeguard against sudden movements in global energy prices.
“The good news is that we are positioned well in terms of our foreign exchange if we have to purchase oil at a higher price,” Williams said.
The finance minister emphasised that Jamaica’s foreign reserve position plays a critical role in protecting the economy from external shocks. As the country relies entirely on imported fuel to support key sectors such as transportation, electricity generation, and manufacturing, maintaining strong reserves is essential to ensure that fluctuations in global oil prices do not disrupt national productivity.
Williams noted that the importance of maintaining adequate reserves was also highlighted during her presentation in Parliament on March 10.
“I tried to explain in Parliament just the significance of us having robust Net International Reserves. It’s a buffer. It’s to ensure that we have foreign exchange to deal with any eventuality that happens,” she added.
Her remarks come at a time when global oil markets have experienced heightened volatility amid escalating geopolitical tensions in the Middle East.
Locally, consumers have already begun to feel the effects of rising energy costs. Following last week’s price adjustment from state-owned refinery Petrojam Limited, both diesel and gasoline prices increased by J$4.50 per litre. Diesel now retails for J$166.75 per litre, while gasoline is priced at J$161.82 per litre.
The government maintains that Jamaica’s strong reserve position will help cushion the economy against further external price shocks, while supporting continued stability in the foreign exchange market.
Source: (Caribbean News Global)
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