Statement from Petrojam - MSME's Alliance call for Pricing Mechanism Disclosure

Petrojam Limited is acutely aware of the issues raised by the Micro, Small and Medium Enterprises (MSME Alliance) regarding our Pricing Mechanism. We acknowledge that the prices of petroleum products supplied by Petrojam are of acute interest to the public and other stakeholders.

We wish to assure the public that our pricing arrangement provides a fair and transparent mechanism for pricing our products and is based on internationally recognized practices.

Petrojam’s Ex-Refinery prices are indexed to the US Gulf Coast Reference Pricesfor finished products such as gasoline and diesel. Movements in our prices have generally been in keeping with movements in these reference prices.

A more detailed statement regarding our pricing mechanism and other issues raised by the MSMSE will be issued to the media.