One year ago we reported that gas stations and their suppliers must have read our publications and listened to the concerns over the airwaves as they had given us a real Christmas gift. This newspaper has been consistently printing requests for gas prices to fall below $5 and was indeed delighted to see a price of CI$4.98 for self-service regular at Jose’s Rubis on December 28, 2014.
Twelve months later they have delivered again and this time reduced prices to its lowest levels in at least two years.
On December 24th, residents were once again pleased to note that gas prices had fallen and Jose’s Rubis once again had the lowest price for full service regular which was listed at $3.95.
On March 29, 2012, Full Service regular cost $5.87 per gallon. It declined sharply for a few months but rose again in October 2012 to $5.80. At that point it started its downward trend and but for a few bumps along the way finally arrived at $5.03 in December 2014. This is a reduction of .84 or 14.1%. The largest consistent decline was between June 2014 and present day when it dropped by .56 or 10%. The other types of fuel had similar patterns of change and it is worth noting that Full Service premium gasoline reached as high 5.97 in March 2012.
On March 24, 2015, gas prices for full service regular dropped to $3.97 before it started its upward trend and started to fall in August to $4.62. This trend continued and now has reached its lowest level of $3.95.
With international oil prices falling to a record level of $36.72 on December 28, 2014, we expect to see a further decline in gas prices across the Cayman Islands. Speculations over an increase in oil output by Iran have been blamed for the recent fall in oil and whatever the reason, gas price below $3.50 will be welcomed here at home.