April 11, 2022
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Bahamian petroleum retailers yesterday urged “this is the time” to grant a margin increase following last week’s 64-cent price drop with many said to be on the brink of “throwing away the keys”.
Multiple Bahamian petroleum retailers were yesterday said to be on the verge of “closing the doors and giving the keys back” within a month unless the Government finally delivers on a margin increase.
The Bahamas Petroleum Retailers Association’s (BPRA) president yesterday asserted that the industry is “not easing up” on demands for a margin increase with several dealer “unable to survive” more than another two months.
Bahamian petroleum retailers yesterday conceded their margin woes “cannot easily be fixed overnight” and promised “not to force the Government’s hand” with oil prices currently on track to reach $100 per barrel.
The Bahamas Petroleum Retailers Association's (BPRA) president, Raymond Jones, said production cuts in the Organization of the Petroleum Exporting Countries (OPEC) are behind the rise in prices at the pump, which he said underscores the need for a margin increase for retailers as they “can’t contain this anymore".
BAHAMAS Petroleum Retailers Association Vice-President Vasco Bastian said an increase in crude oil prices explains why gas prices are nearing $6.
BAHAMIAN petroleum retailers yesterday said they “haven’t gone to sleep” over their push for a margin increase but are willing to take a “sensible” phased-in approach that will not overly burden motorists and the wider economy.
SAUDI Arabia’s plan to cut oil output is exacerbating petroleum retailers’ concerns over their current price-controlled margins regime, according to Vasco Bastian, vice president of the Bahamas Petroleum Dealers Association.
PRIME Minister Phillip “Brave” Davis said his administration believes gas retailers can profit in the current business environment despite their complaints and demands for adjustments to the price-controlled margin regime.
Petroleum retailers say they refuse to become "paupers" as they intensify demands for a 30 cent per gallon margin increase which they have been seeking to obtain from the Government since April 2022.
The Bahamas Petroleum Retailers Association's vice-president says he backs the introduction of a corporate income tax to replace Business Licence fees that "further strangle us".
DIESEL SALES HALT TO LAST UNTIL MARGIN RESOLUTION: However, sites owned by FOCOL continue to make fuel available
Bahamian petroleum retailers have "no intent to disenfranchise the motoring public", their president asserted yesterday, as he warned that the halt to diesel sales will "go on until such time" as their plight is resolved.
A BUSINESSMAN claims a dire summer may await Bahamians as “hopeless” gas retailers doubt the government will address their profit margin concerns in its upcoming budget.
THE Bahamas Petroleum Retailers Association’s (BPRA) president expressed optimism yesterday about resolving long-standing issues affecting gas retailers even as Economic Affairs Minister Michael Halkitis reiterated the government would not change fuel or tax margins to accommodate them.
Bahamian gas station operators were yesterday urged to "keep the faith" amid ongoing talks over the Government's latest proposal to address the wider petroleum industry's structural woes.
Petroleum retailers and wholesalers are studying “significant new ideas” proposed by the Government to foster greater competition - “but not at the expense of consumers” - in a bid to resolve the industry’s structural woes.
Bahamian petroleum retailers yesterday reiterated that a margin increase is “definitely what’s needed to get us over the finish line” as they voiced optimism that this week’s meeting with the Government will achieve a solution all can live with.
Bahamian petroleum retailers yesterday said “it’s never been so desperate” with a surprise production cut by the major oil producing countries making their need for a margin increase even more urgent.
Bahamian petroleum retailers yesterday revealed they are seeking a “pennies on the gallon” margin increase equal to 7 percent of the landed cost of fuel to achieve their version of a “ liveable wage”.
FOCOL’s chairman yesterday said he was “very confident a solution will be found” to the Bahamian petroleum industry’s financial woes, and added: “This will not be fatal to the country.”
THE government has agreed to “explore other avenues” with fuel retailers to help bring them some relief while not increasing the cost of gasoline at the pumps for consumers, the Office of the Prime Minister said yesterday.
THE vice president of the Bahamas Petroleum Dealers Association is pleading with government to reconsider its position on not granting retailers a margin increase, calling on Economic Affairs Minister Michael Halkitis to have a “change of heart”.
MEMBERS of the Bahamas Petroleum Retailers Association (BPRA) say they intend to soon take action to get government’s attention to their cries for a long-awaited margin increase, arguing that they can no longer afford to operate on the current margin regime due to increasing costs.
Gas station dealers are mulling a sector-wide shutdown this month amid growing concern about the ability of the industry’s fixed price controlled-margins business model to cope with a variety of cost increases.
THE vice president of the Bahamas Petroleum Dealers Association said to “stay tuned” as fuel retailers await government addressing a long-waited margin increase, saying the industry feels “enough is enough”.
GAS station operators say they remain in “wait and see” mode over their requested margin increase and are hoping that the government will make a decision within the first quarter of this year before the sector is forced to cut staff.
WITH gas prices under $6 for the first time since March, a well-known fuel retailer predicted that the prices will continue to decrease for the rest of the year.
FUEL operators are excited over the recent drop in gas prices as well as expectations that prices will continue to decrease and stabilise.
The Bahamas Petroleum Dealers Association’s (BPDA) said that the price of diesel coming down is more to do about the wholesaler working behind the scenes than it is the government lowering taxes on gas and diesel.
PRIME Minister Phillip “Brave” Davis says the government is considering reducing fuel taxes for gas retailers with a view to bringing relief to struggling Bahamians.
WITH a marked decrease in gas prices this week, petroleum retailers are hoping the reduction will continue.
THE vice president of the Bahamas Petroleum Dealers Association says he expects gas prices to decrease slightly “within the next week or two” due to falling oil costs abroad.
Family Island Chamber of Commerce presidents yesterday described soaring gas prices as “the silent killer” for economic activity, with one branding current pump costs as “crazy”.
FUEL operators yesterday warned gas stations may have to shut down if prices do not stabilise soon, insisting they cannot wait months for this crisis to be resolved.
Bahamian gas stations say “no business operates” on the unsustainable seven percent gross margins they are enduring amid warnings the sector may have to cut jobs and operating hours to survive.
ECONOMIC Affairs Minister Michael Halkitis said discussions continue relating to gas relief, adding the government hopes to announce some measures as soon as there is a potential solution to soaring fuel prices.
THE vice-president of the Bahamas Petroleum Dealer’s Association, Vasco Bastian, says he is uncertain if gas prices will stabilise anytime soon as negotiations between his organisation and the government continue.
The Government was yesterday urged to give gas station operators some reward for letting “common sense prevail”, as the industry pledged “there’ll be no shut down on this island” over the Easter weekend.
PETROL STRIKE FOR EASTER WEEKEND? Operators say they are struggling to survive as fuel costs increase
THE leadership of the Bahamas Petroleum Dealers Association is trying to ward off a planned Easter weekend strike by around 80 percent of operators who say their businesses are struggling to survive the economy compounded by the rising cost of fuel.