‘Someone did some thinking’: Petroleum competition push

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PETROLEUM retailers and wholesalers are studying “significant new ideas” proposed by the Government to foster greater competition - “but not at the expense of consumers” - in a bid to resolve the industry’s structural woes.

Sir Franklyn Wilson, chairman of BISX-listed FOCOL Holdings, which operates the Shell brand, told Tribune Business that “someone did some thinking” after the Davis administration unveiled its proposal to both the oil majors and gas station operators during a Friday morning meeting.

With all parties due to give their responses by this Wednesday, he described the contents as “a new day” for the Bahamian petroleum industry’s business model amid the near-constant calls from retailers for an increase in long-standing fixed margins so that they can return to profitability and absorb a multitude of ever-increasing costs.

• Gov’t proposal to break margin deadlock

• But solution ‘not at expense of consumer’

• Sir Franklyn: ‘I saw no one throw stones’