The Tribune

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE MINISTER of state for the environment, Phenton Neymour, said there has been "some movement" towards creating a promised commission to look into whether the Bahamas' petroleum industry should be deregulated and price controls removed. Last August, Mr Neymour announced that the Government would appoint a commission to look into the issue, and he recently told Tribune Business: "There has been some movement, but we are still trying to determine the exact composition of that commission. We have not gotten to the stage yet of convening any public meeting, but we have made progress in that regard." Speaking on the rising cost of petroleum at the pumps, Mr Neymour added: "Given the fact that the price of oil is expected to increase, we should be concerned about our energy consumption going forward. There is concern around the world concerning the volatility within certain countries that are oil producing, and it is something that Bahamians need to pay attention to." Gas prices in New Providence continue to creep closer to $6 per gallon. The Bahamas Petroleum Retailers Association (BPRA) had previously asked for a margin increase of $0.74 per gallon for gasoline, and $0.47 per gallon for diesel. Back in October, the Government increased their gasoline and diesel margins by $0.10 and $0.15 per gallon, respectively. Gas retail margins had been previously fixed at $0.44 per gallon of gasoline and $0.19 per gallon of diesel. Gasoline now stands at $0.54 cents per gallon, and it is $0.34 cents per gallon of diesel.