Fluctuations in the global oil market, which have led to higher prices internationally, has forced the Jamaica Public Service Company (JPS) to offset those expenses to customers. 

The light and power company, in a recent statement, indicated that the situation is made all the more difficult owing to the depreciation in value of the local currency—and urged Jamaicans to brace for higher-than-expected bills over the next few weeks. 

According to a Reuters report on Thursday (December 16) world oil prices rose towards US$75, supported by record US implied demand and falling crude stockpiles, even as the spread of the Omicron coronavirus (COVID19) variant threatens to put a brake on consumption globally.

Brent crude oil was up 65 cents, or 0.9 per cent, to $74.53 a barrel at 1215 GMT, while US West Texas Intermediate (WTI) crude rose $1.01 or 1.4 per cent, to $71.88.

“JPS is cautioning customers that increasing fuel costs will reflect in higher electricity bills in coming weeks. The company has been experiencing higher fuel prices in the past few months, as a result of the international upsurge in prices,” JPS said.

“Global uncertainties have led to increases in the price of both oil and natural gas. The increase in fuel costs has been compounded by the devaluation of the Jamaican dollar,” the company added.

According to JPS, it is projecting that the price increase reflected in Jamaican bills could continue through the winter months. 

“JPS is therefore encouraging customers to continue to practice energy management. Customers who have smart meters can monitor their usage on the JPS Mobile App on a weekly, daily and even hourly basis,” JPS advised.

Customers can also get additional information and conservation tips on the JPS website at www.jpsco.com/holiday-tips/.

JPS contended that it remains committed to the efficient production of electricity and to keeping customers informed and empowered on the best ways to manage their energy costs.