Gas import prices drop more than at the pump

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. 

car refueling
Gas import prices fell by more than 40 percent in the first quarter of this year.
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  1. I would be good if we could get an update from Minister Tibbetts on that status of the proposed legislation that he spoke about earlier this year. In particular we need to understand how long he thinks it will take to get the new legislation in place and specifically why it will take that amount of time.

  2. So, what has happened to the balancing effect in the case of supply and demand, Monopoly? It is the major thing that tangles the wheels of free enterprise. Who is responsible, and what tools do our government agencies have to battle monopolistic attacks on citizens.. Does the inspectorate has that responsibility, or can they only say if and when we fall prey to perceived or real price georging.. What recourse do we have when the inspectorate say, see "look at the variance.." Licensing stand up and be recognized..