OfReg boss JP Morgan says funding issues has prevented his team from regulating local fuel prices in Cayman.
Mr. Morgan appeared before the Public Accounts Committee yesterday (9 May) where he was grilled on fuel prices.
The petroleum inspectorate arm of OfReg is supposed to produce market rules to level the playing field and attract better fuel prices, but he said it has not been done.
“It’s our only priority in that sector. And it is to try to get these market rules in by which we can regulate,” the OfReg CEO said.
PAC Chairman Hon. Ezzard Miller was not pleased with the lack of financial support from Government for the regulating authority.
“I can’t emphasize how disappointed I am to hear after all the fanfare and pages and pages of legislation you were not funded,” Mr. Miller said.
Cabinet has approved a $1 million cash injection for OfReg to help it carry out its mandate.