Fuel Prices drop in Bahamas: Gasoline down 2.1%, Diesel down 3.1% in July 2024

Bahamas: In a significant development, the fuel prices in the Bahamas saw notable decreases in July 2024 with the cost of gasoline dropping by 2.1% and diesel prices by 3.1%, according to date released by BNSI - Bahamas National Statistical Institute.

The BNSI also noted that as compared to this time last year, the price of gasoline decreased by 1% while diesel prices saw a minor increase of 0.2%.

The monthly inflation rate which comprehensively measures the overall changes in prices has also dropped by 0.1% as compared to June 2024 after a similar 0.1% decline from May to June. 

The date also showed that major month over month decreases were reported in recreation and culture of 3.1%, household equipment, furnishings and routine household maintenance of 1.6% and miscellaneous goods and services of 0.6%.

On the other hand, alcoholic beverages, tobacco as well and narcotics saw an increase of 2.3%, while food and nonalcoholic beverages rose by 1 percent as compared to June. 

The BNSI noted that in a year over year comparison, the CPI for July 2024 saw a drop of 0.5%. It said that major contributions to this annual decrease included transport (3.2 percent), footwear and clothing (3.2%) and household equipment, furnishings, routine household maintenance (4.2%).

However, education, food, and non alcoholic beverages saw a raise of 5% and 3.2%, respectively as compared to the same period last year, 
In addition to this, for July 2024, gasoline prices fell by 2.1 percent while diesel prices were thrashed by 3.1 percent as compared to the last month.
 
Notably, Prime Minister Philip Davis addressed the ongoing challenges faced by petroleum retailers and said that he agreed to long sought margin increases. The BPRA - Bahamas Petroleum Retailers Association has been demanding an increase for over a year to ensure the survival of their individual businesses.

PM Davis said that retailers will be getting a $0.25 increase in their gas margin a $0.15 increase in diesel margin.