Prime Minister Andrew Holness says a forensic audit is to be done at Petrojam to determine why there is a high loss of oil.

The Auditor General’s report tabled in parliament last week, said over the last 5 years, more than 600,000 barrels of oil could not be accounted for.

The lost oil was valued at $5.2 b.

Addressing a press conference at the Office of the Prime Minister today (Dec 10) Mr. Holness said the forensic audit, which should be the last such, will identify what has become of the oil.

He says if the situation is not cauterized, the country will suffer.

He also addressed other issues out of the report and said he will be meeting with the Auditor General at this afternoon, to discuss her recommendations.

Meantime, the government must commission an independent audit of Petrojam, inclusive of operations at the state-owned oil refinery during the Opposition’s administration.

That’s according to Leader of the Opposition, Dr. Peter Phillips, following reports by the Auditor General which suggest corruption at the company.

Dr. Phillips, who was addressing journalists at a press conference in Kingston this morning, said a forensic audit cannot be the end of the matter, and as such, an independent audit must be carried out.

He noted that a separate audit must be undertaken to investigate the destination of missing oil revenue through transactions with Petrojam and West Indies Petroleum, data which he said was excluded from the previous audit report.

He added that the government should instruct the Major Organized Crime and Anti-Corruption Agency (MOCA) as well as international auditors to investigate acts of corruption, and to track illegal financial activities.