Union says increased fuel cost, licensing and insurance contributing to need for higher fares
NASSAU, BAHAMAS — Bahamas Taxicab Union President Wesley Ferguson said yesterday that the union was eyeing at least a 25 percent fare increase to help offset rising fuel costs.
“It doesn’t look like gas prices will go down anytime soon,” Ferguson told Eyewitness News.
“I’m going to meet with my executive team next week to decide on how much of an increase we propose to seek and then present it to the minister.
“We are definitely pushing for an increase in our fares.
“We were holding off because we didn’t want to jump the gun and secure an increase while fuel prices continue to climb.
“We were waiting to see if gas prices would level off.
“It seems likely that by mid-summer, gas prices will hit $8 or more.
“We would be looking for at least a 25 percent increase in our current fares.”
Ferguson said that while some may feel that taxi fares are already too high, taxi drivers incur not only considerable fuel costs, but higher licensing and insurance costs as well.
“We will be seeking a fare increase to help defray our rising fuel expenses,” he explained.
The price of gasoline has already surpassed the $7 mark at Esso Service Stations.
Petroleum retailers have met with the government on several occasions in recent months as they too seek relief on their price-controlled margins.
Retailers currently earn a fixed $0.54 per gallon margin on gasoline, and $0.34 for diesel.
