Sun | May 28, 2017

Petroleum marketing companies to pass on full gas price cut as of tomorrow

Published:Thursday | December 18, 2014 | 12:37 PM

The Energy Ministry is reporting that petroleum marketing companies have committed to passing on the full reduction of the weekly refinery-billing prices to their retailers as of tomorrow.



This should allow for customers to get a further break in the price of fuel.



Eleven marketing, representing more than 90 percent of the local market, this afternoon attended an emergency meeting called by the Energy Minister, Phillip Paulwell.



A ministry spokesperson said a number of the marketing companies indicated that they did not pass on the full reduction to the retail trade because they were trying to recoup past losses.



According to the ministry spokesperson, the marketing companies explained that in the past when the prices soared, the full cost of the increases was not reflected in the price at the pump as they had to absorb some of the increase in order to remain competitive.



However, the companies are said to have unanimously agreed to pass on the full benefits of the reduction as of tomorrow.



The Energy Ministry said others have even indicated that they have been passing on the full since last week.



Paulwell has insisted that the marketing companies must be fair.



"I have no desire to reclaim the power of price controls, but there is always a place for integrity and fair play. In this regard I must commend those who have been playing fair and in the best interest of the consumer," Paulwell said.



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