Finance Min.: Govt. Monitoring “Concerning” Rise of Prices at the Pump

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NASSAU , BAHAMAS – With gas topping $7 a gallon at the pump at two major fuel retailers, Bahamians are feeling the pinch as the rising cost strains wallets and tests motorists’ patience.

Finance Minister Michael Halkitis addressed the issue on Friday afternoon, calling it a concern and expressing hope that a peace deal in the Middle East will translate into lower prices.

Since February, the conflict has sent oil prices soaring worldwide, and The Bahamas is feeling every bit of that pressure.

But this week’s G7 Summit in Switzerland saw the announcement of a deal aimed at ending the conflict.

Despite that, prices at the pumps jumped yesterday, with Shell selling gasoline at $6.89 per gallon, Rubis at $7.34, and Esso at $7.07.

The numbers have drivers doing double takes at the pump.

Finance Minister Michael Halkitis addressed the issue on the sidelines of this morning’s Community Empowerment Project closing-out ceremony.

Halkitis says the government is monitoring the situation closely.

Michael Halkitis – Minister of Finance

“The situation remains very, very fluid. As you know, the recent spikes are related to the activities and the Gulf war. Thankfully, there appears to be a memorandum of understanding for a ceasefire to stop the hostilities, so we’re hopeful that things will begin to get back to normal in the fastest possible time.”

With global shocks driving fuel costs higher, the squeeze is spreading into every aspect of Bahamian life.

Rising expenses for moving goods and keeping businesses running are adding pressure to families already stretched thin.

Halkitis said that the Davis administration is watching these trends closely.

Michael Halkitis – Minister of Finance

“With the spike and the nature of our economy, things like transportation and shipping are affected, so it’s something that we are monitoring. We are looking at ways we can potentially bring some relief if the situation persists.”