(CNS): More than five years after the Utility Regulation and Competition Office (OfReg) was established, it is still determining the best approach to regulate the price of fuel at the pump in Cayman, as this issue is one of its primary goals. Duke Munroe, OfReg’s executive director of fuels, has said that the regulator continues to work towards determining the best regulatory model for the jurisdiction based on public concerns and what makes economic sense. He said OfReg was still considering recommendations about what the oil importers and the government can do right now to manage the surge in prices relating to the current geopolitical situation.
Appearing on Radio Cayman’s Talk Today programme hosted by Dwayne Sterling Ebanks, he said that the regulator currently monitors local fuel prices to ensure they broadly align with the global price trends. They then check that there is not a significant difference between the price the…
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