NASSAU, BAHAMAS — Petroleum dealers and the government have moved “beyond the stalemate and are nearing the finish line” in their discussions, according to Vasco Bastian, Vice-President of the Bahamas Petroleum Dealers Association.
He noted that they are confident in the current status of those talks. Bastian told Eyewitness News that while nothing has materialized as yet, based on discussions the dealers had with State Finance Minister Michael Halkitis three weeks ago, dealers are expecting a positive outcome.
It remains to be seen what that outcome could be. Minister Halkitis has gone on record repeatedly to indicate that the government was not inclined to grant an increase in the margin on fuel advocated for by the dealers if it means that the price of fuel at the pumps will increase for motorists.
Petroleum retailers have been in back-and-forth discussions with the government over a margin increase for well over a year as they say it is necessary for the survival of their businesses. At one point, they refused to sell gasoline and even warned of layoffs. Retailers currently earn a fixed $0.54 per gallon margin on gasoline and $0.34 for diesel — margins that do not change when fuel prices go up.
Bastian told Eyewitness News: “We haven’t received anything yet. We met with the Minister three weeks ago. He is supposed to get back to us, hopefully with some good news. We met with him for about a half-hour and discussed not only a margin increase but some other interesting topics. He was very receptive to the idea of keeping our operating costs at a minimum. There was some concern about the big wholesalers trying to take away what the government gave us. There were also some safety issues raised by the Minister and ourselves. There was a little more in-depth discussion we had three weeks ago. It was the president, myself, and Ozzie Moore, a member of the executive team.”
He added: “We walked away feeling very confident of where we are at in our negotiations with the government. I think we are beyond the stalemate and nearing the finish line. I think it’s positive for the dealers and the government. We felt very pleased coming out of that meeting. It was one of the best we’ve ever had. This was the best meeting we’ve had in two years dealing with the government.”
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