By John Myers, Staff ReporterDEMAND FOR unleaded 87 and 90 octane fuel has increased by more than 36 per cent in the two weeks the state-owned Petrojam oil refinery has been out of operations.
The facility was damaged by an explosion two weeks ago, Winston Watson, the company's managing director has said.
Mr. Watson, in a release issued on the weekend, said the demand for 87 and 90 octane fuel increased consumption by 22,500 barrels over the last four days, pushing consumption levels to an all-time high of 85,000 barrels during the week of November 8. "This high level of demand, which we have been experiencing is unusual," he said.
PANIC-BUYING
In expressing concern, Mr. Watson attributed the increased consumption to panic-buying on the part of consumers, which he said was triggered, in part, by a disruption in supply from facilities operated by multinational petroleum marketing companies in the island. As a result, he said Petrojam had to move in to meet the shortfall.
Mr. Watson said it was "possible that the reserved product stored for this emergency may have been inadequate and caused the shortages experienced in the market (which) created a higher demand for products from Petrojam's loading rack."
Mr. Watson said multinational marketing companies, like Petrojam, are required to maintain emergency product reserves. Petrojam, he said, is required to maintain supplies equivalent to not less than two weeks of national demand for emergency situations.
