News Report - Chamber: BPL fuel charge decrease welcomed by business community

From The Nassau Guardian July 1st, 2020

Given the economic state of the country, Bahamas Power and Light’s (BPL) announcement of a decrease in the fuel charge is welcomed by the business community, Chief Executive Officer of the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) Jeffrey Beckles told Guardian Business yesterday, adding that consumers must now do what they can to reduce consumption in order to make this decrease go even further.

BPL announced on Monday that it would start hedging fuel later this year and that its stockpile of fuel bought this year while oil prices remained low, means the fuel cost is able to be decreased to about ten cents. The company is aiming to keep the country’s fuel cost stabilized in the region of 10 cents through fuel hedging starting in October.

“Obviously we are happy to hear them say so,” said Beckles. “Ten cents is a pretty good start. There has to be that careful balance between reduction and consumption.

“Any reduction in electricity costs and costs in general is always going to be welcomed, particularly at a time when many businesses are still struggling. And then on the consumer side obviously, after a year of very challenging times, be it with Hurricane Dorian and the whole national impact, COVID-19 and the impact it’s had on businesses and consumers, any reduction in costs right now is going to be welcomed as a very, very pleasant change.

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