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Gas prices to increase this week

Motorists can expect to pay even higher prices at the pumps, as of this week, as fuel prices rise.

Rubis customers are currently paying the highest price with $6.33 per gallon, followed by Esso at $6.16 per gallon and Shell at $5.50 per gallon.

In mid-February, Rubis charged $5.16 per gallon before its price rose to $5.52 in early March.

It’s unclear just what prices will increase to this week but industry insiders are warning motorists to brace themselves.

Last month, experts predicted fuel prices would jump anywhere between $6 and $8 dollars per gallon.

In some countries, petroleum prices have hit a record high as oil and gas costs soar amid fears of a global economic shock from Russia's invasion of Ukraine.

At one point, oil increased to $139 a barrel for the first time in nearly 14 years.

Some international oil traders have predicted crude prices could climb beyond $200 a barrel this year due to a growing international boycott of Russia and a lack of alternative sources of supply.

The increase in fuel prices comes as many Bahamians continue to rebound from the economic effects of the COVID-19 pandemic, which saw the closure of many non-essential businesses for months and subsequent layoffs.

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