A tiered pricing mechanism is being implemented, which will see petroleum prices being more closely aligned to global price movements. Minister of Energy, Transport and Telecommunications, Hon. Daryl Vaz, made the disclosure during a post-Cabinet press briefing, held at Jamaica House on Wednesday (April 15). Mr. Vaz explained that while the current mechanism has been effective in cushioning consumers, it has resulted in significant financial losses by Petrojam of $1.3 billion to $1.4 billion in four weeks, which was not passed on to consumers. He...