Bahamas Opposition Condemns ‘Knee Jerk Reaction’ to Increasing Fuel Margins

In the Bahamas, leader of the Opposition Free National Movement, FNM, Michael Pintard, has described the government’s decision to increase the fuel margin for petroleum retailers as a knee jerk reaction.

The Nassau Guardian is reporting that after years of complaints from petroleum retailers over low margins and their impact on profitability, Prime Minister Philip Davis announced on Monday that retailers will receive a 25 cent increase on their gas margin and 15 cent increase on their diesel margin.

But Pintard says it’s only because of the sheer number of stakeholder groups that were planning to take to the streets in protest, that the Prime Minister moved to extend some relief to petroleum retailers.

Last year, Minister of Economic Affairs, Michael Halkitis repeatedly said the government was not prepared to entertain any increase in margins for petroleum retailers if it means the price of gas at the pump will increase.

When he announced the planned increase earlier this week, Prime Minister Davis said motorists will see an increase at the pumps but said it will be manageable because of declining fuel prices.