Business

Eurol Lubricant out of Holland newest entrant to the Jamaican lubricant market

Dollar slide hits pricing strategy, but prices to roll back with revaluation

BY DURRANT PATE
Observer business writer

Friday, November 15, 2019

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A new line of lubricants and additive products, which is said to be top of the line out of Europe, is being introduced to the Jamaican market by Miracle Corporation.

The Eurol Lubricant product line, emanating from Holland in Europe, will shortly be hitting the shelves all over Jamaica, as Miracle Corporation — a leading distributor in the island — goes big on marketing in the coming days and weeks.

The first leg of the marketing blitz was a product launch held at the Liguenea Club in New Kingston yesterday in which the full array of Eurol Lubricants was on display.

Two executives of Eurol Lubricants, international sales manager, Maarten Gerritsen and accounts manager for the Caribbean and Latin America, Gabriel Baricordi, were flown to Jamaica to lend their expert knowledge on the Eurol line of products and field questions from local buyers and interested parties.

Miracle Corporation CEO Richard Lee pointed out that while his company distributes a wide brand of lubricants in Jamaica, he had high praises for the Eurol brand, which he declared “is very competitive”.

He contended that Eurol being in Jamaica is no accident but is a deliberate strategy on the part of Miracle Corporation to engage in a direct relationship with suppliers rather than third-party arrangements.

Lee emphasised that the Eurol brand is worth investing in based on its quality, noting that the brand has a strong following, particularly in Europe and positive feedback from the 85 different countries that the product line is distributed.

The Miracle CEO is of the belief that the strong reputation of the Eurol brand will drive the take-up from the Jamaican marketplace.

Lee told those attending the launch that Miracle Corporation was hoping to keep the quart bottle of Eurol motor oil at under $600 but with the devaluation in the value of the Jamaica dollar, the company was forced to slightly up the price.

“However, as soon as the dollar is rolled back then we will reduce the price,” the Miracle Corporation CEO promised.

He was adamant that there will be no cannibalising of Eurol Lubricants, pointing to the experience of cannibalising lubricants in Jamaica whereby some distributors are said to purchase cheap lubricant products in South Florida, ship to Jamaica and sell into the retail trade.

“Already the products are on the ground here, and today we are offering a 5 per cent discount to purchasers,” Lee announced.

Gerritsen, who has been with the company for 20 years pointed out that Eurol is seeing strong growth in north-west Africa and Central America and is hoping for a similar experience in Jamaica.

When questioned by Caribbean Business Report, the Eurol International sales manager admitted that this is their first foray in the English-speaking Caribbean.

He pointed out that Eurol has been in the region for a number of years in the Dominican Republic and Puerto Rico. Gerritsen acknowledged that the Jamaica market is very competitive with all the other alternatives, but he is confident that his product will do well locally.


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