By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A top petroleum executive says The Bahamas in "pretty good shape" on short-term fuel costs as the global oil market has not "reacted as strongly" to the US and Iranian stand-off as initially feared.

Keith Glinton, regional manager for Sol Petroleum Bahamas, told Tribune Business: "We are price takers in The Bahamas because we are so small. The reality is there are lots of things that could happen, but right now the market has not reacted as strongly as some would have expected.

"The reality is the bigger markets would make that determination for us. Right now we are in pretty good shape. Actually I think the next fuel cargos would be better than people would have expected. But we have to see; it is a very active and global fuel market."

Bahamian businesses and households had been dreading the potential outbreak of full-blown hostilities between the US and Iran over the assassination of the latter's top military commander due to the fact that any conflict would have sent oil prices soaring.

Oil costs impact virtually the entire Bahamian economy, especially where energy and transportation costs are concerned, but fears of a wide-ranging conflict between the long-time foes have receded and the global markets - at least for the moment - appear to have calmed again.

Speaking at Sol Bahamas' launch of its "Esso Synergy fuels" product, Mr Glinton said: "This fuel will bring, as we say, simply more miles and more smiles. There is a lot of technology that goes into it.

"When you see our branding and our advertising you will see that we take all of those very technical points, and we try to communicate it in a way that the average person can understand. Fuel prices won't go down as a result of this, but value will go up and the amount of miles you get for the same fuel will go up."

Synergy fuels will be available at all Esso-branded service stations across Nassau. Sol Bahamas said the upgrade includes grade labels that are easier to identify; brighter and more comfortable layout and lighting; easy-to-use technology; and an enhanced customer service experience.

Mr Glinton added of Hurricane Dorian's impact: "We were an important supplier to the Abaco markets. We have done a great deal to make sure that our motorists and our clients in Abaco know that we are there. We have never stooped selling fuel one day after Dorian through our distributor there, Abaco Petroleum, and we continue to make sure they have the supplies that they need."