What to Know About How High Gas Prices Impact at the Pump

2026-03-25 - 00:42

& Advertisement Advertisement Advertisement Advertisement Advertisement NASSAU , BAHAMAS – The war in the Middle East is taking a direct hit on gas prices across the world. With no clear indication on how long the conflict will last, Bahamians are bracing for gas prices to continue to soar. Our Joshua Williams hit the streets to find out how residents are coping. While we normally glance at the cost per gallon when we pull up to the fuel pumps, soaring gas prices have many of us taking a second look. The US-Israel-Iran war is having consequences that extend far beyond the Middle East — the region a critical hub for global energy supply and shipping routes. In fact, global oil prices have jumped from around 70 dollars a barrel earlier this year to well over 100 dollars a barrel. As of March 24th, the cost: 104 dollars per barrel. So how does that translate to how much you pay at the pumps? Long-time gas station owner, Bernard “Porky” Dorsett, said high prices aren’t the only thing he’s concerned about. Bernard “Porky” Dorsett – Owner, Porky’s Service Station “I guess it’ll get worse before it get better again, but at the end of the day, I think the more important thing than fuel right now is this new VAT situation coming in April. This new situation the government talking about VAT zero — you got two different. You got one you could recover your money on, one you can’t. If you buy something and you can’t recover your money, that’s problems. So I mean, in any business it’s your profit margin — that’s the only way you can stay in business.” As of Tuesday, March 24th, Tribune’s gas tracker reporting Shell at $5.77 per gallon, Esso $5.32 per gallon, and Rubis $5.53 per gallon. The opposition also called for a cap on VAT collected on fuel, arguing that the government should not profit from rising prices. It’s not a bad idea, according to Dorsett. Bernard “Porky” Dorsett – Owner, Porky’s Service Station “10% of five dollars is 50 cents. 10% of 10 dollars is one dollar, and also the higher the price go, the more money they make off the VAT.” In the end, it’s consumers that feel a pinch in their pockets... or will they? Kino is a business owner and he told us that he’s not all that concerned. Kino – Resident “That on the other side of the world. Yeah, we have oil that come from that side, but if you really study what’s really going on with this war, we shouldn’t really be affected by it.” Family Island residents perhaps feeling the pinch even more. Kingsley – Resident “One time I remember gas being at seven something, you know. So if you get a gallon, you might be paying — just to get four gallons — you might be paying like $25. So it’s a lot, you know. On the out islands, I think it’s due to wholly exportation, travel, and all this other stuff.” Resident “Porky had it for $4.99, but now I know things going up, Porky still have it for $5.53. So I know it’s higher out there.”