H & B One Seven Mile Gas Station at the intersection of Eastern Avenue and West Bay Road

(CNS): More than five years after it was created, the Utility Regulatory Competition Bureau (OfReg) is still working on some of the main objectives and objectives to be addressed. One of the main goals was how to calculate the price of a gas pump and how to determine if it was fair. This is currently a major issue as prices rise to record highs of over $ 7 per gallon.

At a recent open media event, Executive Director of Fuels Duke Munroe said the bill, which sheds more light on fuel costs, will soon be amended.

He said OfReg is doing its best to “send a message” and now has access to several key numbers. He was able to confirm that there was no collusion between the two wholesalers, but regulators were still unable to publish all figures, and some elements of the calculation remained unclear even to regulators. He said he admitted that there was.

Nonetheless, Munro said gas station suppliers and owners are confident that many of what are now actually owned by wholesalers are not cheating on anyone.

OfReg does not have the ability to set the price on the pump, but you can monitor the price and make sure it matches the global price. He said regulators are currently closely monitoring fuel costs, given the high fuel costs, and making sure they are not worse than the comparative jurisdiction.

OfReg has long been criticized for its stumbling block to this widespread valuation of the market and how prices are calculated here. However, Munro said that OfReg initially had some challenges and took time to complete the market valuation to lay the foundation for regulation. He said pricing transparency has already improved and it is set to be even better.

According to Munro, OfReg is currently focused on increasing cost transparency from refineries to gas stations and is seeking regulatory intervention at the wholesale level. Temporarily, regulators are also looking at ways to increase transparency in knowing how to calculate prices, but corporate confidentiality and privacy laws currently prevent that information from being disclosed.

OfReg’s goal is to secure a fuel market where efficient regulatory costs and market prices have a positive economic impact on consumers and the country, he said.

But it is elusive to answer Cayman’s old question of why prices here always rise rapidly when oil prices soar, but fall so slowly when global prices begin to fall. It remains. Munro explained that the proposed legislative changes would give wholesalers a better understanding of fuel pricing from the time they buy fuel in the global market to the time they sell it to gas stations. He also said the law amendment would allow OfReg to better explain gas prices to the general public.

However, given the size of the Cayman Islands and the impact of global oil prices, it is always difficult to secure the most competitive prices for pumps, but a recent study conducted by OfReg found that Cayman pump prices were already high. Well compared to other countries. region.

Retail gas prices Release Every week on the OfReg website, we help consumers find the best prices.There are also frequently asked questions page On a website that provides consumers with information on why fuel prices are rising and how to price in Cayman.

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