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Tuesday, February 20, 2024

Midnight Hour Brings Hike in Gas Prices

Although the prices of most other consumer goods have been dropping lately, the price of gasoline will continue to rise, with the regulatory authority approving an 8 percent hike.

While gas prices fell by a little more than 2 percent in May, they were up over 6 percent in April, leaving the overall price up 4 percent over a two-month period, according to the National Statistics and Census Institute’s monthly Consumer Price Index.

The recent activity, combined with the 8 percent price hike that was approved last week by the Public Services Regulatory Authority (ARESEP), will leave drivers waiting at the pump with a price that is close to 12 percent higher than it was in March.

The price hike will take effect today, June 12, at midnight.

The steep increase is due to a rising international price, according to the AREESEP announcement.

During the global recession, consumers have been cutting back on their use of gas. However, prices continue to rise – with oil futures on the New York Mercantile Exchange having risen about 36 percent since March, according to Time Magazine.

But the elevated price of gas has not yet caused all transport prices to jump with it. The cost of transportation by taxi was down over 3 percent in April, while the price of overall transportation has dropped more than 6 percent since the beginning of the year.

–Daniel Shea



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