Although the prices of most other consumer goods are dropping, 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 four 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, will leave drivers waiting at the pump with a price that is close to 12 percent higher than it was in March.
A rising international price was blamed in the announcement by the services regulator for the heavy increase.
Throughout the global recession, consumers have been consciously 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. 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.
