Fuel costs move $6 as Gough takes over OfReg

Cayman News Service

H&B One Seven Mile gas station at the junction of Eastern Ave and West Bay Rd

(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 still painful. Meanwhile, OfReg has confirmed that veteran civil servant Peter Gough has taken over the regulator until a new general manager can be recruited.

OfReg has not yet updated the islandwide price guide on its website to reflect the hike, which started at the Shedden Road Esso gas station on Thursday, followed by other George Town stations on Friday.

However, there are indications that the prices could go even higher, with fears that a gallon will exceed $7 in the coming weeks. This will have a direct impact at the pump and on CUC bills and will exacerbate the…