Monday, November 28, 2022

Gas Retailers Plead for Changes to Capped Margins

By on March 31, 2022

Warn of Service Stations Shuttering; Official: Price Freezing is Typical in Emergencies

After Puerto Rico’s Department of Consumer Affairs, known by it Spanish acronym, DACO, announced in mid-March the approval of an extension to cap profit margins on gasoline prices due to the Russia-Ukraine conflict, the retail gasoline sector warned that the measure would be detrimental to retailers across the island.

Last week, the president of the Puerto Rico Gasoline Retailers Association, Esdras Vélez, said the order represents an economic blow to its members, which are already seeing the repercussions in the form of shuttered service stations. “We can continue to participate in meetings, public hearings or roundtables like the one held by Sen. Carmelo Ríos last week,” Vélez said in his statement. “Our concerns cannot continue to fall on deaf ears because, while we end up with $558 profit a month, the government receives a fixed $5,300 in advance payment, without us having sold a drop of gasoline, whether or not…

To read the entire story subscribe now to our epaper at caribbeanbusiness. com

You must be logged in to post a comment Login