Bahamians can expect to pay more at the pumps this year if the current trend continues.
According to the latest numbers from the Department of Statistics, the average price of gas in New Providence in 2011 came in at $5.17 per gallon. That compares with $4.34 in 2010 and $3.83 in 2009.
Last year, the price of gas hit a high of $5.60 in June, and remained at a premium throughout the summer months. These numbers compare with just $2.76 per gallon back in 2001.
With the price of oil hovering around $105 a barrel, the cost of filling up the car isn't likely to get cheaper anytime soon.
"What we seem to be seeing is a reliable increase in prices," an official from the Department of Statistics said. "Oil is a key element in terms of how much we pay for fuel. So generally consumers can probably expect to pay more. Even when you look at diesel, it has been going up substantially."
In fact, since 2009 diesel has risen in price from $3.02 to $4.90 per gallon in 2011.
The trend continues so far in 2012, Guardian Business can confirm, with February coming in at $5.31 per gallon for gas and $5.15 for diesel.
While the numbers might seem gloomy, the vice president of The Nassau Institute, Rick Lowe, noted that The Bahamas is still relatively low when compared to other countries in the region. That said, in order to keep gas and diesel prices in check, he pointed out that the biggest component is government taxation, plus stamp tax.
"No one individual has control in the price of gas. The one thing they can do is increase supply, but so far they refuse to let that happen. I think we can expect to see prices increase, or at least be erratic, with an upward projection," Lowe told Guardian Business.
Carpooling and downsizing your vehicle are practical ways that everyday Bahamians can try and compensate for rising prices.
As operations manager at the Nassau Motor Company, Lowe added that these costs have impacted the business, in the sense every car they sell comes with a free tank of gas. He also anticipated that the trend will not impact the general cost of doing business in the country.
"It could very well hit $6 per gallon this year," he said.
"The longer they take to allow more drilling and providing more supply, the more potential there is for higher prices," Lowe explained.

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