The average price for regular unleaded self-serve gasoline on Grand Cayman fell to $4.38 per gallon Tuesday, a drop of more than $1.20 per gallon from three months ago.
The drop represents a 50 cent per gallon decrease from prices reported two weeks ago, which averaged $4.89 per gallon, according to records from the Cayman Islands Petroleum Inspectorate.
Figures reported by the inspectorate on Tuesday also showed some significant price disparity in the various districts of Grand Cayman.
For instance, all the Rubis-supplied stations in George Town and Bodden Town were charging the same price for regular unleaded gasoline. However, prices for self-service diesel fuel fluctuated slightly, between $4.77 a gallon and $4.82 per gallon.
One Rubis station, Lorna’s in Bodden Town, reported a price of $4.73 per gallon on Saturday. On Tuesday, the price changed to $4.33 per gallon for regular unleaded. The Industrial Park Rubis station, which posted $4.84 per gallon on Saturday, reported $4.31 per gallon on Tuesday.
At the Sol-Esso stations, the gap was greater. In George Town district, most of the Sol-supplied stations had dropped their regular unleaded prices to $4.31 per gallon. However, at H&B station on Crewe Road, the price per gallon was $4.74. The same price was reported at the Seven Mile Beach Sol-Esso location.
In West Bay district, Four Winds Sol-Esso was charging $4.35 per gallon for regular unleaded full-service gasoline. Scarcely a mile away, the Hell Road Sol-Esso station was charging $4.79 per gallon for the same product.
Motorists in Cayman Brac finally saw some relief at the pump, for the first time since prices started falling in October. Tuesday’s price at the two stations were reported at $5 per gallon, down from $5.75 per gallon. The sole gas station on Little Cayman did not change its price of $6.49 per gallon.
Meanwhile, prices in the U.S. continued to fall Tuesday, despite some pundits’ predictions that gas prices were starting to bottom out amid concerns about over-supply. The national average in the U.S. was just above US$2.04 on Wednesday, down more than five cents from a week ago and more than US$1.60 per gallon since the high point last summer.
Tuesday’s reported price drop served to narrow the gap when comparing local gas prices to U.S. retail costs. Since June, Cayman Islands regular unleaded prices fell $1.20 per gallon, while U.S. prices, measured in Cayman Islands dollars, fell $1.31 per gallon. Cayman’s fuel is sold in imperial gallons, which are 20 percent large than the units sold in the U.S.
In comparison to the worldwide market, Cayman’s gas prices have fallen – on average – about 22 percent since October. Price per barrel of Brent Crude oil was averaging around US$87 per barrel in early November, and by Wednesday it had fallen to US$48.57 per barrel – a drop of 44 percent.
According to reports in Bloomberg News Service, Brent Crude futures looking ahead to March 15 are trending up, but only slightly. The price per barrel is expected to increase by 69 cents in two months, an increase of less than 2 percent.