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Relief as gas prices start to tumble

Thu, Aug 4th 2022, 11:26 AM
Finance Tribune Stories

WITH a marked decrease in gas prices this week, petroleum retailers are hoping the reduction will continue.

 

Effective yesterday, Esso Service Stations saw a fall in the price per gallon of gas from $6.96 to $6.66.
#Additionally, Rubis Bahamas announced a reduction beginning today from $7.27 per gallon to $6.89 per gallon.
#Vasco Bastian, vice president of the Petroleum Retailers Association told The Tribune that once the cost of oil on the global market continues to decline, he sees the decrease of gas prices here continuing.
#The reduction of gasoline prices will bring some relief to local motorists who have struggled to afford the taxing costs of fuel.
#Mr Bastian explained that gas station operators will also reap benefits.
#“It costs us a little less now to buy gas,” he said. “However, our concern still remains the same on being a highly regulated fixed margin business.”
#Mr Bastian said operators have continued to be in communication with the government about the high cost of gas and that discussions are moving in the right direction.
#He also insisted other operators are feeling optimistic about the current situation.
#“They’re continuing to have a level of optimism; I spoke with several of them. They are hopeful and they’re confident. We believe that the current government will make it much more beneficial to all and sundry, the motorists, and dealers in time,” he said.
#The Bahamas Unified Bus Drivers Union has been among critics in the industry that has complained about fuel costs, making it hard for drivers to sustain a decent living while balancing the expense of fuel.
#Although the vice president of the petroleum retailers said he has not had much contact with the bus drivers he is open to speaking with them along with their president on the issue of gas prices.         

Effective yesterday, Esso Service Stations saw a fall in the price per gallon of gas from $6.96 to $6.66.

Additionally, Rubis Bahamas announced a reduction beginning today from $7.27 per gallon to $6.89 per gallon.

Vasco Bastian, vice president of the Petroleum Retailers Association told The Tribune that once the cost of oil on the global market continues to decline, he sees the decrease of gas prices here continuing.

The reduction of gasoline prices will bring some relief to local motorists who have struggled to afford the taxing costs of fuel.

Mr Bastian explained that gas station operators will also reap benefits.

“It costs us a little less now to buy gas,” he said. “However, our concern still remains the same on being a highly regulated fixed margin business.”

Mr Bastian said operators have continued to be in communication with the government about the high cost of gas and that discussions are moving in the right direction.

He also insisted other operators are feeling optimistic about the current situation.

“They’re continuing to have a level of optimism; I spoke with several of them. They are hopeful and they’re confident. We believe that the current government will make it much more beneficial to all and sundry, the motorists, and dealers in time,” he said.

The Bahamas Unified Bus Drivers Union has been among critics in the industry that has complained about fuel costs, making it hard for drivers to sustain a decent living while balancing the expense of fuel.

Although the vice president of the petroleum retailers said he has not had much contact with the bus drivers he is open to speaking with them along with their president on the issue of gas prices.         

 

Click here to read more at The Tribune

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