ESSO Price Per Gallon Drops 45 Cents

NASSAU, BAHAMAS – As residents continue to grapple with rising inflation, ESSO has dropped its price by 45 cents per gallon. This, as lower global oil prices are finally taking hold in the local gas market. Jared Higgs has more details in this report.

The lower price is down to purchasers locking in a better price as oil prices have declined.

Gas prices have soared in recent months with ESSO’s previous price of $7.39 per gallon by far the highest seen among New Providence’s major retailers. Vice President of The Bahamas Petroleum Retailers Association Vasco Bastian says they saw a drop in sales at that price point.

The increase in gas prices is due in part to the Russian invasion of Ukraine, and rising inflation. Residents on the family islands are reeling from even higher prices in their respective communities. Nassau Guardian research revealed that the price of a gallon of gas is $9 in Mayaguana, and higher than $8 on several islands including Andros, Cat Island, Inagua, and on some Abaco cays.

Back in New Providence customers at Bastian’s ESSO station on East Street and soldier were grateful for the 45 cent price drop. Forty-seven-year-old Jacquline Rolle says she’s happy for the chance to get more gas.

Another customer, 35-year-old small business owner Maria Miller, was happy for the decrease, but she suggested the price is still too high.

Prime Minister Philip Davis told reporters on Monday that he believed the key to relief for Bahamians was the removal of sanctions on Venezuela. He added that The Bahamas, and other small island developing states, were lobbying for the removal of those sanctions.

And while Bastian is hopeful that the price stays low, he is cautious when asked what the future may hold.