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Gas prices under $6, predicted to decrease

By LYNAIRE MUNNINGS

lmunnings@tribunemedia.net

WITH gas prices under $6 for the first time since March, a well-known fuel retailer predicted that the prices will continue to decrease for the rest of the year.

Vasco Bastian, vice-president of the Bahamas Petroleum Dealers Association (BPDA), says it is likely that gas prices will continue to decrease throughout the year once crude oil prices across the market continue to decline.

“If everything stays as is, in regard to crude oil declining, we might see this go up until the end of the year, but that’s only if crude oil continues to decline,” he told The Tribune yesterday.

Mr Bastian predicted that as a result of the crude oil price decline, the price of fuel at the pump will hit close to the $5 mark.

According to Mr Bastian, consumers are purchasing fuel more in comparison to previous months.

The price of a gallon of gas rose to almost $7 last month, with prices in the Family Islands surpassing that amount.

Gas prices in New Providence as of yesterday were $5.96 per gallon at Rubis, $5.88 per gallon at Shell and $5.71 per gallon at Esso.

With Esso Service Stations significantly lower by comparison to competitors, Mr Bastian said this is due to the “corporate” approach the petroleum retailer has taken.

He said: “Esso is tied to Exxon Mobil, which is the largest gas and oil refinery in the world. So, they’re able to buy their prices on the back end at a cheaper price and pass that savings on to the consumers here in The Bahamas.”

The reduction of gasoline prices will bring some relief to local motorists who have struggled to afford the taxing cost of fuel.

Mr Bastian encouraged motorists to keep their vehicles above a half tank if they are able to afford to do so.

“You always want to tell the motoring public that it’s best to top up your car, when it’s at the halfway mark, than to wait until the tank is empty,” he told this newspaper yesterday.

“So, if you can afford it, when your car gets to half tank, go to your favourite gas station brand and top up your car, you would spend less.”