Prime Minister Philip Davis announced tonight that the Bahamian government has reached an agreement with the Bahamas Petroleum Retailers Association to raise fuel margins.
During a sit-down interview with ZNS General Manager Clint Watson on the premiere of his new nightly talk show, The Rundown, Davis revealed that gasoline margins would increase by 25 cents per gallon, while diesel margins would rise by 15 cents per gallon.
The announcement comes in response to mounting pressure from petroleum retailers who had planned a protest outside the House of Assembly this Wednesday as Parliament reconvenes after its summer break.
The retailers had been advocating for a margin increase, as they haven’t received one in over a decade, citing financial strain and concerns about potential layoffs and staff reductions if their demands were not met.
Retailers argued that their inability to secure a margin increase was impacting their profitability, forcing some to consider cuts and layoffs.
Despite these concerns, the government had initially hesitated to agree to the increase, worried about the additional burden on consumers already facing economic difficulties.
Prime Minister Davis, however, expressed confidence that the timing of this increase would mitigate adverse effects.
The exact date of implementation for the margin increase remains unclear, and it is uncertain whether the retailers will proceed with their planned protest.
Comments