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Gas dealer deal likely ‘by end of summer’
from 07272023 BUSINESS
by tribune242
By FAY SIMMONS
FINANCIAL Secretary
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Simon Wilson indicated on Tuesday that negotiations for a price margin increase with the gas retailers are progressing well and an agreement should be finalised by the end of summer.
He said: “I think those discussions are in abeyance we have a proposal before them and they have a common proposal before the government and I’m assuming that late in the summer we can get into trying to finalise it.”
Vasco Bastian, vice president of the Bahamas Petroleum Dealers Association (BPDA) confirmed to Tribune Business that negotiations are in a "good place" and he was grateful to Mr Wilson and other government officials that aided the resolution.
He said: “I think Mr Wilson is absolutely correct, we’re in a good place with our negotiations with the government. We're very, very happy with our negotiations. And Simon Wilson has been nothing more than fivestar when it comes to dealing with us trying to get this matter resolved. We appreciate him. We respect him, the Prime Minister and the Minister of Economic Affairs for working with us and working for us during this challenging time, but we are very hopeful and appreciative of the sentiments expressed by Mr Wilson.”
Gas station operators have been in discussions with the government to increase their margins by 50 percent, which would raise them from the present 54 cents per gallon of gasoline to 81 cents.
Their margins have not been adjusted in 12 years, despite rising inflation.
Mr Bastian acknowledged negotiations have been a "long process" but retailers are optimistic that a favorable resolution will be finalised in short order.
He said: “It's been a long process, but negotiations are never supposed to be short and sweet. Negotiations sometimes take time and we have the fortitude to ride out the storm. We've been riding the storm and working with the government to try to come to an amicable agreement.
“I think it just speaks volumes to our level of dedication, and also the dedication of the government in regards to making sure that
