NASSAU, BAHAMAS — Fuel prices in The Bahamas saw notable decreases in July 2024, with gasoline prices dropping by 2.1 percent and diesel prices by 3.1 percent, according to data released by the Bahamas National Statistical Institute (BNSI).
However, the BNSI noted that compared to this time last year, gasoline prices decreased by one percent, while diesel prices increased by 0.2 percent.
The monthly inflation rate, which measures the overall change in prices, decreased by 0.1 percent compared to June 2024, following a similar 0.1 percent decline from May to June.
Key month-over-month declines were observed in recreation and culture (3.1 percent), furnishings, household equipment, and routine household maintenance (1.6 percent), as well as miscellaneous goods and services (0.6 percent). In contrast, alcoholic beverages, tobacco, and narcotics increased by 2.3 percent, while food and non-alcoholic beverages rose by 1 percent compared to June.
“In a year-over-year comparison, the CPI for July 2024 declined by 0.5 percent. Major contributors to this annual decrease included clothing and footwear (3.2 percent), furnishings, household equipment, routine household maintenance (4.2 percent), and transport (3.2 percent). However, education and food and non-alcoholic beverages saw increases of 5 percent and 3.2 percent, respectively, compared to the same period last year. Additionally, for July 2024, gasoline prices fell by 2.1 percent and diesel prices by 3.1 percent compared to the previous month. Year-over-year, gasoline prices decreased by 1 percent, while diesel prices saw a slight increase of 0.2 percent,” the BNSI noted.
In response to ongoing challenges faced by petroleum retailers, Prime Minister Philip Davis recently stated that he agreed to grant long-sought margin increases. The Bahamas Petroleum Retailers Association (BPRA) has been advocating for an increase for over a year to ensure the survival of their businesses. Prime Minister Davis announced that retailers will receive a $0.25 increase in their gasoline margin and a $0.15 increase for diesel.
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