Chief Petroleum Inspectorate Duke Munroe said regional fuel prices have been relatively stable for the 2nd half of 20-16 and said Cayman pays nearly two dollars and 76 cents more at the pump than the regional average petroleum suppliers charge.
The regional averages suppliers are charging for gasoline and diesel have been moderately increasing after a drop in July.
Diesel increased by 25 cents which took the price to a dollar 60 cents per gallon while gasoline is purchased by retailers at one-dollar 50 cents per gallon after a dip in October.
Prices were reduced by the two major oil companies during August and September leading to a network wide decrease.
Mr. Munroe said reduction in oil production by the Organization of Petroleum Exporting Countries O.P.E.C led to spike in prices. The Petroleum Inspectorate said the prices paid at the pump remained on average at four dollars 26 cents per gallon for gasoline and four dollars per gallon for Diesel.