In the aftermath of surging prices at the gas pumps, Esso released a statement Saturday stating its intent to keep its prices stable.
Just last week Leslie Miller, Minister of Trade and Industry, disclosed that Esso had applied for a 42 cents increase on the price of its gas. However, speculation abounds that more keen and bargaining consumers have influenced the company’s decision to keep its current price, which stands at $4.03 per gallon.
Last week Shell increased the price of gas by 76 cents which boosted the price to $4.77 per gallon. However, that decision was rescinded last Thursday when Shell said it decided to absorb the cost of the oil and dropped the price by 78 cents, or $3.99 per gallon.
Despite the damage done by Katrina, the aftermath of Rita did not do further damage to oil in the Gulf cost as was anticipated, and subsequently oil prices are expected to decrease. Heavily oil dependent industries are also expected to follow market trends.
By: BARRY WILLIAMS, The Nassau Guardian
