Iran Sanctions to Impact Oil Prices

Chairman of the Petroleum Corporation of Jamaica, Christopher Cargill, says the lifting of economic sanctions against Iran, should cause a further reduction in world oil prices.

Local gas prices have fallen by almost five dollars per litre over the past three weeks.

Mr. Cargill says the price reduction is directly linked to Iran agreeing a nuclear weapons deal with the United States and 5 other world powers.

Petrojam’s ex-refinery price for gasoline is a little over $112 per litre, down from $116 three weeks ago.

Mr. Cargill says the price will tumble, on the basis of the new understanding between Iran and the United States.