PSOJ warns of looming energy crisis, urges speedy action to shield consumers

The Jamaican Government is being urged to take immediate action to protect consumers and businesses from rising energy costs, as global oil prices climb amid renewed geopolitical tensions and supply disruptions.

The Private Sector Organisation of Jamaica (PSOJ) on Wednesday warned that the country faces heightened exposure to external shocks, given its heavy reliance on imported fossil fuels.

In a statement, the PSOJ said disruptions in the Strait of Hormuz and export restrictions have pushed oil prices close to US$100 per barrel, raising the spectre of another global energy crisis.

It pointed to past oil shocks and recent global crises as evidence of how quickly geopolitical conflicts can trigger economic fallout.

The organisation also cited warnings from the International Monetary Fund (IMF) that ongoing conflict in the Middle East could slow global growth and push inflation higher.

With Jamaica importing roughly 80 per cent of its energy needs, the PSOJ said the country remains particularly vulnerable to price spikes and supply constraints.

It is now calling for urgent policy action, including the publication of the long-awaited 2024–2050 energy policy and broad public consultations to guide implementation.

The PSOJ also urged the Government to fast-track renewable energy projects, streamline net billing arrangements, and resolve delays affecting major procurement initiatives.

In the short term, it recommended temporary tax relief on electric vehicle imports and a public education campaign to accelerate adoption.

The organisation said decisive action could help Jamaica achieve its target of 50 per cent renewable energy by 2030, while reducing exposure to global price shocks.

- Corey Robinson

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