Energy Minister Daryl Vaz is assuring that Jamaica’s fuel supply is secure, despite the instability in Eastern Europe.

Russia’s invasion of Ukraine has led to an increase in gas prices. Experts are also predicting that a supply shortage could be imminent.

However, the energy minister said there is no need to panic as it relates to the supply of fuel even as events unfold in Ukraine.

Speaking in the Standing Finance Committee yesterday (Mar.3), Mr. Vaz noted that Jamaica has several weeks’ supply of both refined fuel and crude oil reserved.

The minister said fixed contracts between Ecuador, Colombia, Brazil, and Barbados ensure that the country is adequately supplied.

He asserted that with storage both off and onshore the country’s energy is well secure.

In addition, Mr. Vaz noted that a Memorandum of Understanding has also been signed with the Nigerian National Petroleum Corporation to strengthen the country’s contingency plan.

In the meantime, he said the situation in Eastern Europe has re-ignited the need for the conservation of fuel in the country.