Sunday, April 5, 2020

Gas prices plummet amid COVID-19 pandemic

Prices at the pumps have now dropped under $4 a gallon in New Providence.

By Natario McKenzie

NASSAU, BAHAMAS — Fuel prices at the pumps have now dropped under $4 a gallon in New Providence, with industry stakeholders suggesting that prices could potentially drop even further due to COVID-19’s global impact on market ‘supply and demand’.

Valentino Hanna, general manager at Esso distributor Sol Petroleum Bahamas, told Eyewitness News there is no way to predict how long prices will stay low.

“What is happening is purely a function of supply and demand forces at work,” said Hanna.

“The economic activity everywhere has slowed down. There is less demand for oil and products derived from oil and therefore the prices have come down. It’s a natural result of the global economic slowdown.”  Read more >>