As the price of crude oil on the international market falls steadily, Bahamian drivers are seeing the lowest gas prices at the pump that they have seen in months, with thre three oil companies decreasing prices by an average of 20 cents per gallon.
In an interview with The Tribune, Minister of Trade and Industry Leslie Miller said yesterday that gas prices have gone done steadily since the price of crude oil crested at $38 per barrel on the spot market, the highest price seen since Kuwait was invaded during the Gulf Crisis, with more decreases expected over the next few weeks.
A senior executive with Shell Bahamas, Juan Kemp, confirmed the decrease in the price of gas by 25 cents to $3.33 for gas and $2.12 for diesel. The fall in price came, he said, in relation to the price of crude on the open market, which subsequently allowed the company to pass along the cheaper price to the consumer.
He cautioned, however, that the price build-up, or the calculations by which dealers arrive at the pump price, remained the same. He added that as market goes down, so does the formula and noted that the price movement was totally related to the price of crude oil.
Source: Yolanda Deleveaux, The Triubne
