Tag: gas prices
Select committee created to examine fuel sector
(CNS): Planning Minister Jay Ebanks will be chairing a new committee that was established in parliament this week to look at the cost of fuel in the Cayman Islands as a result of years of erratic and, more often than not, increasing fuel costs at the sockets at home and at the pumps. Successive governments […]
OfReg inching toward long-awaited fuel price transparency
(CNS): The Utility Regulation and Competition Office (OfReg) is in the process of drafting changes to the law to allow it to publish fuel prices as they land, OfReg interim CEO Peter Gough told Finance Committee on Wednesday. The regulator is also beginning an exercise, starting on Cayman Brac, to provide regulatory accounts that show […]
MPs to grill fuel suppliers on price
(CNS): Chris Saunders MP (BTW) successfully steered a motion through parliament last month to establish a select committee to determine how the price of fuel is arrived at here in the Cayman Islands. He said there is at least $2 charged on every gallon sold that, to date, has never been explained. Although this was […]
OfReg still working on fuel price transparency
(CNS): More than five years after it was created, the Utility Regulation and Competition Office (OfReg) is still working on some of the key aims and objectives that it was supposed to address. One of the main goals was to determine how the pump price for gas is calculated and whether it is fair, an […]
McTaggart: Gov’t has room to cut all fuel duty
(CNS): Opposition Leader Roy McTaggart said the Cayman Islands Government should cut duty on fuel to zero, removing the 75 cents tax it adds to each gallon at the pump and the 25 cents it charges CUC, until the end of the year to help people deal with the soaring cost of living. Speaking Tuesday […]
OfReg says local pump prices ‘average’ for region
(CNS): As gas prices hit record highs at local fuel pumps, the utilities regulator has released a recent price comparison survey carried out across the Caribbean and the UK. “This shows that fuel prices in the Cayman Islands are in the median average range within the countries of similar size compared and much lower in […]
Expected gas price hike still shocks drivers
(CNS): The price of a gallon of fuel shot up Tuesday, when the Seven Mile Beach Esso became the first local gas station to break the CI$7 mark, but the rest will soon follow, OfReg has confirmed. With an increase of more than 60 cents, regular gas jumped from around $6:31 at the Esso stations […]
Gas prices pass $6 as Gough takes over OfReg
(CNS): Several gas stations across Cayman are now charging well over CI$6 per gallon as prices at the pump begin to reflect the jump in prices paid by local wholesalers after global oil prices sky-rocketed. While everyone knew it was coming, the increase to $6:53 for premium per imperial gallon and CI$6:38 for regular was […]
Fuel suppliers can’t hike prices on speculation
(CNS): The Utility Regulation and Competition Office (OfReg) has said that local operators are not allowed to increase the price of fuel based on speculation about the current oil market resulting from the sanctions against Russia.
Consultants say ‘no’ to gas pump price controls
(CNS): The public is being encouraged to submit comments on a report by consultants contracted by the Utility Regulation and Competition Office (OfReg) on the Cayman Islands’ fuel market and how to make it more competitive and fair, given the serious challenges presented by its size. Identifying a significant lack of competition in a highly […]
Fuel suppliers dominate consultation
(CNS): Only two private individuals contributed to OfReg’s consultation exercise on consumer protection rules for the fuel sector, according to details released by the regulators. Despite broad concern about fuel prices and standards here, the public discussion was dominated by the suppliers, SOL and Rubis, both of which suggested that new regulations would push up […]
