The Jamaica Public Service (JPS) advised that the war between Russia and Ukraine will result in customers seeing a significant increase in their monthly electricity bills.
Chief Financial Officer of JPS, Vernon Douglas stated that “The war in Ukraine means fuel is much more expensive and there is less of it”. He further added that there might be a global shortage of fuel with the tightened sanctions on Russia, therefore, Jamaica might be severely affected.
Further to that, Douglas assured customers that JPS is in dialogue with fuel suppliers such as Petrojam and New Fortress Energy (NFE) to ensure that fuel is available to supply its customer’s needs.
The Chief Financial Officer (CFO) noted that since last year, oil and natural gas prices have increased which means that JPS has to pay more to its fuel suppliers. He also stated that JPS has “no other choice” but to increase the monthly electricity bills because of this.
Douglas also expressed his delight with the plans of the Government to cushion the impact of increasing energy costs on the most vulnerable. This information was revealed to the public yesterday by Dr Nigel Clarke, Finance Minister at his Budget presentation.
To assist further, Douglas stated that suspension of the fuel and electricity sales tax (GCT) by the Government, would help to prepare customers for the impending increase in their electricity monthly bills.