Gas import prices for the first quarter of this year are down by more than 40 percent over the same period in 2014, according to statistics from the Economics and Statistics Office.
Average gas station prices in that period dropped about 25 percent, from $5.50 to $4.15, according to data from the Petroleum Inspectorate.
The consumer price decreases roughly follow the same track as prices in the United States, where some prices for a gallon of regular gas dropped to $2 late last year.
Gas prices in Cayman peaked in October at more than $5.50 a gallon, according to government data, and dropped to about $5 a gallon by the end of last year.
The inspectorate, which tracks gas prices, recorded prices decreasing through the first quarter of this year before hitting $4 a gallon by the end of March.
Earlier this year, Planning Minister Kurt Tibbetts pushed for legislation to force gas station owners to open their books and show how much they are paying for fuel from suppliers. He said in April that his staff is in “the continuing saga of the Petroleum Inspectorate inquiring about prices of fuel and not being able to have any method to verify the information that they receive.”
“The Petroleum Inspectorate will have proper legislation in place which guarantees their ability to get this information,” he said at the time.
Import records, tracked by the Economics and Statistics Office, come from the Customs Department. The data shows gas prices dropped by 42.5 percent and diesel fell by 49.8 percent over the period.
The quarterly trade statistics show an overall decrease of almost 13 percent, with gas leading the way as prices dropped around the world. The value of other imports fell by $5.8 million, or 3.6 percent, during the first quarter of this year.