Residents in Grand Cayman had their spirits crushed as they noticed the sudden jump in gas prices this weekend.
After a steady decline over two years falling from a high just under $6 and reaching a low of $3.97 for regular full service in recent weeks, the lowest recorded price is now $4.38.
Some of our readers speculate that this gas hike is related to the announcement from the Government of the introduction of a gas price regulator. Whatever the reason, the 10% increase in the cost is still excessive in the eyes of the consumer.
A quick glance at crude oil prices shows an increase over the past 30 days from a low of $47 to a current price of $57.15. This reflects a $10 or a 21% increase and experts are claiming that concerns about Iran and stalled-out growth of world supply may be the main reasons.
Consumers are reminded to keep abreast of these changing trends and continue to practice expense reduction techniques to manage their gas consumption.
In an economy where the consumer and the Government currently have no control over the rise and fall in fuel prices, the cost of living here in the Cayman Islands will be affected by world events in addition to the demand for higher returns from the suppliers.
We invite our readers to visit our weekly Gas Price Alert for a list of Gas Prices at stations across Grand Cayman for the latest gas prices.