The Jamaica Public Service Company has issued a warning to Jamaicans to prepare themselves for a hike in the price of electricity which has taken effect due to an increase in the global oil prices, which directly affects the price of fuel.
As a fact, 50 percent of electricity bills are due to fuel charges, however, that amount has been increased by an amount of 32 percent in the past 10 months due to the hike in the global oil price.
The urgent warning where electricity bills are concerned had been issued in December 2021 by the Power company who had notified customers that the increasing occurrence of the global fuel price will result in increased electricity bills for the weeks to come, and might extend into the remaining months of the winter season.
The fuel increase that has reportedly taken effect has also had an impact on natural gas and in combination with the issue of the Jamaican dollar, which has led to the exorbitant increase in fuel cost that has had discouraging impacts on businesses and regular households where their electricity bills are concerned.
The issue of oil prices increasing globally has also impacted employment in some countries as well as the production as some countries have to be ceasing, reducing, or putting their operations on pause due to the phenomena.
In the UK it is no different as the warning of a forecasted energy bill has been foretold to the people by their energy company (EDF) with them stating that unless there is thereanent intervention the situation will continue to escalate for months of winter.
Where the performance of oil on the global market is concerned, Jamaica has used information from West Texas Intermediate, their source of knowledge for the commodity, to gain an understanding that one barrel of oil was sold this week at a high price of $80 which was also recorded as the peak cost for this month with the last hike being reported to have taken place in October.
One of the main factors that have been said to push the fuel hike into procession was supply issues, which has appeared not for the first time but as a resurgence of past issues of the same nature powered by the grappling effects of climate change, which has caused many countries to be tapping into their reserves with this winter being much colder than previous in combination with European Gas Power plants being compelled into overtime work due to the summer not being windy as usual and the Chinese demand for the commodity exceeding its usual limits.
With these forecasted increase, things are ready to go to the next level but not for the good, and as such, it is a very wise thing for persons to be aware of all aspects of what is going on especially where the news is concerned because if that does not happen it will mean receiving bills and not understanding the cause for them. Just recently, well-known producer Romeich shared with his Instagram followers a joke on how much his bills were and he was not the only one in shock as many persons also created memes in a funny judgment of the situation.