FOCOL President Weighs in on Hike

NASSAU, BAHAMAS – A top executive at one of the country’s biggest petroleum supply companies is insisting local fuel suppliers have little control over the final price of fuel.

Our Jasmin Brown caught up with FOCOL Holdings Limited President Dexter Adderley who explains why retailers have no choice but to pass on the cost to consumers.

The FOCOL president says not only is the rising cost of fuel out of their hands, but suppliers do not hedge gasoline because it’s too risky.

FOCOL Holdings Limited is the sole licensed Shell distributor for the country.

So far Shell stations have managed to keep their prices at the pumps below 6 dollars a gallon, while Esso and Rubis have all topped the $6 mark.

As for how long Shell will remain the lowest, Adderley says that can’t be predicted.

The FOCOL executive adds that they are hoping that other oil supplying countries will pick up the slack on fuel production in light of the problems with Russia’s supply of oil to the world in the context of its war with Ukraine.