Petrojam Projects Sales of 12.21 Million Barrels for 2026/2027

Petrojam, Jamaica’s only petroleum refinery, is projecting total sales of 12.21 million barrels for the 2026/2027 financial year, with 7.2 million barrels allocated to the domestic market and 4.9 million barrels for export.

“This dual role ensures reliable local supply while generating valuable foreign exchange earnings,” Minister of Energy, Transport and Telecommunications, Hon. Daryl Vaz, said.

He was making his contribution to the 2026/27 Sectoral Debate in the House of Representatives on May 5.

Mr. Vaz noted that between March 12 and April 8, 2026, transport fuel prices rose by about $49.20 per litre but only $18 was passed on to consumers due to the Government’s pricing cap.

He said the remaining cost was absorbed by Petrojam to cushion households and businesses.

“That is a buffer of about US$8.6 million ($1.3 billion to $1.4 billion) worth of protection that this Government has provided for Jamaicans during this energy crisis. While this buffer is effective, this intervention is costly, with projections reaching $11.8 billion by June 2026 if maintained,” Mr. Vaz told the House.

“As a result, the Government is introducing a revised tiered pricing system to better reflect global market changes while managing price volatility,” he pointed out.

Minister Vaz told the House that the Government is actively exploring opportunities to further optimise Petrojam’s role, through strategic partnerships, diversification, and potential public-private collaboration.

This includes examining cleaner fuel option such as LNG (liquefied natural gas), expanding renewable integration within operations, and aligning with broader climate and sustainability goals, he pointed out.

He informed that the entity is investing approximately US$15 million in critical infrastructure upgrades, including electrical improvements, new storage capacity, pipeline installations, and major furnace rehabilitation to strengthen reliability and long-term performance.

Minister Vaz said that Petrojam is not just a refinery. “It is a strategic national asset that must be leveraged wisely to support energy security, economic resilience, and Jamaica’s long-term development.”