Gas prices again out of line

Once again I have to complain about local gas prices. Early this year the price of oil reached $109 a barrel, but more recently it has fallen to $85 a barrel.

In line with cheaper oil prices the average cost of gas at the pumps in the US has fallen from $3.83 to $3.44 a gallon since early September. So what has happened to our gas prices? Well at my gas station I was paying $5.61 a gallon for premium in early September, but now (as of 15 November), I am paying $5.85 a gallon! So whilst US prices have dropped 46 cents a gallon, ours have INCREASED by 29 US cents a gallon.

The local consumer is clearly being exploited by the local oil companies and once again I call on Government to investigate this problem as the private sector does not have the advantage of being able to fill up on GuzzleBoy.

Roger Davies

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2 COMMENTS

  1. The average US Gulf retail price is closer to 3.20 (the price most relevant to Cayman) so you are paying over 2.50CI more than in the US. That’s 78% higher! Plus, your importers are not paying US pump prices on their purchases, unless they are really bad traders.

    You can compare the prices without a lot of calculation because the Cayman dollar and gallon are bigger than the US ones by close to the same amount.

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  2. I agree 100%. The gov’t needs to audit these gas stations to ensure we are not being exploited because this is getting ridiculous. Its amazing when the price of oil goes up, the gas prices here in cayman increases immediately but when oil prices drop, it takes months before gas prices decrease (and only by a few cents).

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