Unipet reassured by Khan

UNITED Independent Petroleum Marketing Company Ltd (Unipet) on Wednesday said it was reassured by Energy Minister Franklin Khan's statement about a resolution to concerns about unsustainable fuel margins within the next two to three weeks.

In a statement sent in response to questions from Newsday, Unipet said all its gas stations opened for business at 6 am yesterday and "will continue to open in the foreseeable future."

The company said it has been speaking with Khan and Finance Minister Colm Imbert over the last four years and has had "focused discussion about the margins since 2017."

Unipet appreciated the Government's efforts to work on a solution but said its margins continue to be seriously impaired.

"We are simply seeking relief so whatever efforts made by the minister would be welcomed."

On whether its stations will continue operating until a resolution on the margins is achieved, Unipet said it remains committed to supplying fuels to meet customers' expectations and convenience.

But the company added, "This this entails also ensuring our ability to keep the stations open for the maximum hours per week."

To achieve a 24-hour service, Unipet continued, adequate funding is needed to pay the overtime charges associated with lifting fuel in off-peak hours.

The company also said it believes a margin increase of 20 cents would be sustainable without any increases in market price.

Unipet said through its involvement in the downstream liquid fuel industry, it has recommended an active margin management model with built-in periodic reviews.