Fuel prices fluctuating internationally
Cayman’s average price per gallon for regular, unleaded self-serve fuel fell by another 20 cents at the end of October, reports from the local petroleum inspectorate show.
The overall average price as of Oct. 30 was $4.17 per gallon, however there was a marked difference in the prices listed at Sol Petroleum and Rubis stations, with Rubis averaging about 10 cents per gallon lower than its competitor.
The drop capped off between a 50-60 cents per gallon fall in local prices for regular, unleaded gasoline since early September. Average pump prices had fallen to around $4.38 per gallon at the end of September.
International gas prices provided few clues as to whether there might be a further drop in fuel costs over the winter period.
Brent crude per barrel averages rose slightly to US$49.95 on Tuesday. The international fuel benchmark has hovered around the US$50 per barrel mark since mid-September.
In the U.S., the national average price for a gallon of regular, unleaded fuel rose slightly to US$2.19 Tuesday, but prices were still down about 10 cents per gallon from a month ago.
The American Automobile Association warned of “continued volatility” in fuel prices heading into the winter season.
Wildly fluctuating diesel gasoline prices were seen across the islands as of last week, with prices varying at nearly 60 cents per gallon among stations.
For instance, at the Rubis Shedden Road station, diesel prices at the self-serve pumps were $3.99 on Friday. At the Rubis station on Seven Mile Beach/West Bay Road, the self-serve prices for diesel were $4.57.
Sol stations did not report such a wide disparity in diesel fuel price, with most charging $4.22 per gallon as of Friday.
The government has approved legislation, which is not yet in effect, that will require Cayman’s two major fuel distributors to reveal specific pricing information on gasoline and diesel shipments.
The Dangerous Substances Handling and Storage (Amendment) Law, 2015, will allow Cayman’s chief petroleum inspector to collect and analyze information on fuel prices and pricing methods from importers and provide that information to the government minister responsible for the petroleum inspectorate.
Information importers are required to provide includes: initial fuel costs, cost of freight, insurance and brokerage fee, customs duties, estimates of fuel in stock and the amount and type of fuel to be imported in the next shipment.
Refusal to disclose that information upon request, or providing false information, can lead to a maximum $250,000 fine upon conviction.