Prime Minister Hubert Ingraham has said no to a margin increase for petroleum retailers, according to a statement from the Cabinet Office.
The Bahamas Petroleum Retailers Association (BPRA) voted to strike Tuesday night if the government did not increase fuel sales margins, which the gasoline retailers claim are unfair.
The Cabinet Office statement said Ingraham met with Oswald Moore, chairman of the association’s Margin Relief Committee, to review the state of the local petroleum sector within the context of the existing local and international economy.
The Cabinet Office said Ingraham also advised that the government will appoint a commission to review the various complaints of dealers in relation to the high cost of operating their businesses under policies imposed by the major petroleum wholesalers.
Interim president of the BPRA Philip Kemp told The Nassau Guardian yesterday that the association is not ready to comment on the statement until representatives meet with the government again on Monday.
The retailers said Tuesday night that when they purchase fuel from local wholesalers at the current margins they are forced to sell it at a loss.