JIS News

For this financial year, the Petroleum Company of Jamaica (PETCOM) will continue its role in implementing positive changes in the local petroleum trade, by increasing sales volume by five per cent and its market share by 14 per cent.
According to a Ministry Paper tabled in the House of Representatives on June 6 by Minister of Industry, Technology, Energy and Commerce, Phillip Paulwell, PETCOM will seek to gain 2.22 per cent growth in retail sales volume to achieve some 601,055 barrels in sales, reflecting a segment market share of 11 per cent. The company will also pursue growth of 20 per cent in lubricant volume sales to 5,314 barrels, increasing the segment market share from four to five per cent.
PETCOM will also seek to bring its growth in overall sales to $8.367 billion; growth in gross profit to $630.091 million and achieve a projected net operating income of $24.513 million. Expansion of the service station network will continue with the addition of a minimum of five locations, as well as monitoring of the re-launch of the programme to improve brand image, existing performance and the company’s financial viability.
The LPG and lubricant department will be restructured and strengthened with the goal of increasing efficiency in product and service delivery. There will be: a reduction in the company’s overall operational break-even levels with a view to reducing expenses in all areas; widened distribution of the Pace lubricant line of products to significantly increase sales via expanding PETCOM’s network of independent dealers; continued development of human resource capability through training; and implementation of a tracking system for LPG cylinders.
Meanwhile, during the last fiscal year, the company met a number of targets, including market share of 13 per cent; product sales of 1.133 million barrels; 10 per cent increase in retail sales; and six per cent growth in LPG sales and overall market share of 16 per cent, representing the highest sales volume for LPG in the history of the company. Four additional filling plants were opened and significant commercial accounts added.
Lubricant sales were approximately 4,436 barrels, or 16 per cent above the previous year, while sales income was approximately $7.356 billion. The company added two new service stations to its network, in Lluidas Vale, and Ocho Rios, and experienced greater brand exposure and visibility.

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