Gas prices rise again
Gas prices at two gas stations rose this week-bring the cost of gas even closer to the$5 mark.
The Ministry of Labour and Social Development, which has oversight of pirce control recently approved a price increase for gas at Esso and Texaco.
Last week,t he cost of gas at Esso stations stood at $4.72 per gallon. Yesterday the cost was$4.77-representing a fiv e cents increase. Gas price at Texaco gas stations a also increased by five cents going from$4.61 per gallon to$4.66. Shell gas stations are charging$4.70 per gallon.
The cost of diesel is $4.22 at Esso; $4.24 at Texaco and $4.20 at Shell per gallon, respectively.
Yesterday the price of oil per barrel hovered around$90 and is predicted by international analysts to get even higher in the coming days with the unrest in Eygypt.
The rising cost of oil is expected to impact more than just the price of gas locally.
Earlier this month Prime Minister Hubert Ingraham said the global prices for oil may prove a big challenge for the country’s growth.
“Economists are predicting that crude oil prices will trend upward this year, surging from about$80 per barrel to about$106 per barrel by July,”he told leaders of the local business community during the 20th annual Bahamas Business Outlook, held recently at the Wyndham Nassau Resort.
“This trend has obvious implications for the price of gasoline, the cost of electricity, the current account, the government’s fiscal operations and the broader economy.”