Gas Prices Hit $6+ Per Gal. In New Providence

NASSAU, BAHAMAS – Gas prices are up over $6 per gallon at two major suppliers here in New Providence. Experts say the expected price increase is mainly due to the Russian invasion of Ukraine and increasing inflation. Meanwhile a noted economist and members of the public weigh in.

Jared Higgs tells us more.

Rubis is at $6.33, Esso at $6.16 and Shell at $5.50 per gallon, leaving many consumers feeling the pinch

While Shell is cheaper, noted economist Gowon Bowe expects that price to increase soon too. He says the price of oil is volatile especially after Russia’s invasion of Ukraine.

Our News also got reaction from members of the public

Pretty much everybody we interviewed wants government to intervene, and lower taxes on gas. It’s what Barbados’ Prime Minister Mia Mottley did. This 36-year-old music engineer wants government to help out.

But Bowe, Fidelity Bank’s chief executive, says there’s a different price to pay. Lower taxes will mean lower revenue. Barbados gave up $12.5 million in annual revenue by reducing its tax.

Bowe says the alternative is consumers being mindful of their energy use. The rise in prices comes on the heel of a global pandemic that say thousands of Bahamians out of work for several months.

Forty-eight-year-old Donald Mcintosh has only been back on the job for two weeks after being out of work for a year and a half. The increase in the cost of living especially tough on him.