Gas prices in the Cayman Islands are likely to be affected by Hurricane Katrina’s effects on Gulf Coast supplies.
According to District Retail Manager at Texaco Caribbean Inc., Raymond Samuels, ‘We buy products on the international market, so it’s likely to affect that, but I am in no position to comment on the possible magnitude’.
However, with regard to its supplies, Mr. Samuels said that although some of the company’s supplies come from the Gulf Coast it can move its product from different refineries.
But gas prices at the pumps are steadily rising anyway in Grand Cayman, as they are globally, and this is not yet because of Hurricane Katrina.
‘We have advised of changes in our wholesale prices, but they are based on prior data and become effective tomorrow,’ said Mr. Samuels.
He asserted that this wholesale price hike, which sees the wholesale price rise between four and seven cents, has nothing to do with Hurricane Katrina
Chevron Texaco last raised its wholesale prices two to three weeks ago.
Although no one was available at Esso Standard Oil Ltd. this week for comment, on August 16 the company put its prices up for wholesale gasoline and diesel. The hike was 13 cent a gallon for gasoline and 5 cent a gallon for diesel.
At some gas stations prices are climbing into the $3.80s or high $3.70s for an imperial gallon of gas while diesel can cost as much as $3.55 a gallon.
Neither Esso Ltd. nor Texaco Caribbean Inc. set the prices at the pump. They sell wholesale to the local dealers who are then free to set their own prices.
Hurricane Katrina knocked off-line refineries and pipeline links along the Gulf Coast that provide about a third of the United State’s gasoline supplies.
Concerns are now mounting over limited supplies of gasoline, including the possible return of long lines and scarcity reminiscent of the 1970s gas crisis.
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