Fuel prices were down on Wednesday (12 December) according to Cayman’s utility regulator OfReg.
It says the public is enjoying the lower prices at the pump this festive season.
November this year saw the biggest monthly drop in global oil prices in a decade, as traders worried about a surplus in supply.
The 22% plunge saw U.S. crude oil hovering at $51 per barrel.
OfReg’s local analysts saw that translate as only a moderate price decrease at Cayman’s pumps, to an average gas price of $4.76 per gallon at the start of December. But the regulator said the latest review shows the price is down further: $4.14 per gallon.
But much of Cayman’s public said they had not yet noticed effects of that decrease:
“I don’t pay attention to it on a day-to-day basis. I guess if it really was a big cost I would take it, but I wouldn’t say I’ve noticed it personally.”
The assessment of one was the price was still “way too expensive. Gas should be $2 a gallon,” he stated.
Others said, however, they had noticed prices coming “considerably down at least for the last month or so.”
OfReg reminded customers there are delays in feeling the effect while fuel is transported to Cayman. They said that should mean we eventually see a 30 cent per gallon reduction at the pump.