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2003-03-11 16:38:15

Ministry Discusses Gas Margin Increases

Bahamian industry aiming to keep costs below $3 per gallon despite impact of global events.

Bahamian petroleum wholesalers will meet with Minister of Trade and Industry, Leslie Miller tomorrow to discuss petroleum margin increases. Mr. Miller has announced his determination to keep gas prices from rising above $3 per gallon.

Reidar Karlstrud, Shell Bahamas country chairman, said wholesalers were desperately trying to keep a lid on the rising cost of gas and other petroleum products, with the major oil companies dealing with suppliers who have had their costs significantly increased by the uncertainty of war in Iraq and the recent two month general strike in Venezuela.

Mr. Karlstrud said that Shell, like Texaco and Esso, has been working to stay within the fixed margins set by the government. He said his company has been trying to find oil suppliers who can maintain lower costs, even with the economic impact caused by the global market uncertainty and recent supply cutbacks.

Mr. Miller said his ministry is considering submissions made by this nation's oil companies, seeking approval to raise the cost of gas. If approved, consumers could find gasoline prices rising above $3 per gallon.

Source: Yolanda Deleveaux, The Tribune

 
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