Gas prices took another leap yesterday to reach another record high, with the minimum retail price per gallon rising by as much as 26 cents to $3.54 per gallon in New Providence and up to $3.73 in some Family Islands.
The price paid by Bahamian motorists for gasoline has been at a record high for months and still continues to rise.
The rise is said to be the result of the high price of crude oil, due to concerns about disruptions to the supply in the Middle East. The price of crude has fallen in the past few days, after the Organization of Petroleum Exporting Countries (OPEC) announced it was to increase oil output.
However, this has yet to appear noticeable at the pump.
Trade and Industry Minister Leslie Miller is to speak on the issue in the House of Assembly today. Mr. Miller recently vowed to reduce gasoline prices, by May, after attending a CARICOM conference in February.
It later became clear that Minister Miller had misunderstood the gasoline pricing structure. Meanwhile, Minister of Youth, Sports and Culture, Neville Wisdom, was proposing to add 4 cents per gallon in taxes to fund youth development.
Bahamians pay more than double what gas costs in Barbados, where gasoline is currently $1.65 per gallon.
Source: The Tribune
