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OfReg gifts lower prices at the pump this season. But are public feeling the joy?

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.

About the author

Caroline James

Caroline James

Caroline joined Cayman 27 in September 2018 after seven years working for Sky News in London, both as a Producer on the World News programme and, latterly, as News Editor on the Foreign Desk, where she led coverage on the ground of stories as diverse as the 2016 US Election, corruption allegations surrounding FIFA and The Oscars. Before this, she worked as a Producer for Associated Press Television News (APTN) for two years, based in their London headquarters. Caroline graduated with a BA Hons degree in Arabic, French and German from Durham University, before gaining an MA in Television Journalism with distinction at City University, London. When not hunting down stories in Cayman, she can be found playing tennis, practicing Bikram yoga or enjoying a beer on Seven Mile Beach. You can reach Caroline at carolinejames@hurleysmedia.ky or 326-2243.

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