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Gas Prices in Cayman Decreasing

Local News 27 Mar, 2020 Follow News

Gas prices in the Cayman Islands are falling amid Corona Virus fears

The cost of gas in the Cayman Islands has been declining considerably. However with Wednesday’s announcement that the Islands will be in a 24-hour lockdown, beginning at 7pm on March 25th, motorists won’t be able to take full advantage of the new prices for at least a day or two.

As of 24th March, the lowest price for a gallon of regular gas in the Grand Cayman was CI$3.89 at Refuel and the highest price for regular was CI$4.65 at the Walkers Road Rubis.

Prices for premium gas in Grand Cayman bottomed out at CI$4.14 (also at Refuel) and customers paid CI$4.96 at the Walkers Road Rubis as of 24th March. diesel prices were as low as CI$3.59 at Refuel; representing the lowest quote published for that particular fuel; and as high as CI$4.50 at On the Run (Brown’s Red Bay), which had the highest quote for diesel.

The lower prices come as the demand for oil worldwide is at an all time low and a barrel of the ‘black gold’ is trading almost in the single digits; a trend which can be attributed to a trade and price-war being waged between Russia and Saudi Arabia, as well as the down-turn in the global economy.

The energy sector is also reeling due to the onset of Corona Virus across the planet.

“Usually, prices in the Cayman Islands would lag behind global trends and only come down many months after prices drop - if at all - but during the recent Corona Virus concerns being experienced it seems as their is an effort by proprietors to pass on the savings at the pump more rapidly,” noted an industry insider who spoke exclusively with the Caymanian Times.

The highest Gas price for a gallon of premium gas in Cayman Brac, (premium is the only type of gas for which numbers were published in the Brac) was CI$5.04; roughly 2 percent higher than the highest price of a gallon of premium in Grand Cayman.

The lowest price quoted for premium gas in Cayman Brac was CI$4.89; representing a difference of 15 percent to the highest price being paid for premium in Grand Cayman.

Cayman Brac residents can find the highest prices for gas at West End and the lowest at Tibmart; respectively.

In Little Cayman the highest price for premium gas is CI$5.82; coming in at 15 percent higher than the highest price in Grand Cayman and 16 percent higher than the highest price in Cayman Brac.

The price for a gallon of diesel in Cayman Brac was quoted at CI$4.87, while the price in Little Cayman for the same was CI$6.05; a difference of 20 percent. The latter is 40 percent higher than the highest price for a gallon of diesel in Grand Cayman, while the former is 26 percent more than the highest price in Grand Cayman.

The prices of fuel are usually far greater in the Brac due to extra shipping costs.

It remains to be seen whether lower prices at the pump and a decrease in the cost of oil worldwide, coupled with the current economic downturn will translate to cheaper Cayman Utilities Company electric bills in Grand Cayman.

However, the energy provider has said it will work with the Island’s residents to keep lights on for the month of March.

For a full list of gas prices in Grand Cayman and the Sister Islands, visit caymaniantimes.ky.

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