Falling global oil prices could bring some relief to drivers – Eye Witness News

Nassau, Bahamas — Falling global oil prices bring some reassurance to pump drivers, but Vasco Bastian, vice president of the Bahamas Petroleum Retailers Association (BPRA), says retailers In light of the underlying problem, we believe its impact is not that significant.

Oil prices peaked in March, dropping below $100 a barrel on recession fears and lower demand.

Bastian said:

“The drop in global oil prices will certainly affect the region, but that is only part of the equation. The other part is what we have been lobbying for over the past few months. If oil prices continue to fall and governments make their own adjustments, gas prices could fall significantly.”

Oil retailers have asked the government to look into fuel margins and have met with the government several times in recent months, but these discussions have yielded no definitive results. Retailers now earn a fixed margin of $0.54 per gallon for gasoline and $0.34 per gallon for diesel. This margin does not change as fuel prices rise. Operators stress that margins are too low to survive.

Speaking on the sidelines of a recent Bahamas Chamber of Commerce and Employers Coalition event, Economy Minister Michael Halquitis said: They cycle according to demand and supply. It’s a welcome relief that prices have started to come down. “

Mr Halkitis said volatility in oil prices on global markets only underscores the need for the country to aggressively pursue renewable energy and reduce demand for imported fuels. Falling global oil prices could bring some relief to drivers – Eye Witness News

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