Many gas stations across the island have increased their fuel prices to over $6 per gallon. This is because the global oil prices are taking a very drastic turn in expenses. Locals all saw this coming, but how quickly it came to pass and the idea of having to pay over $6 a gallon for fuel comes as quite a shock non the less. Many have pointed out that gas now exceeds minimum wage here on the island. Gas prices are shown on the OfReg website but have not yet been updated since March 22, 2022.
There is a chance to believe that gas prices will increase, even more, exceeding the $7 per gallon mark in weeks to follow. “This will have a direct impact at the pump and on CUC bills and will exacerbate the already rising inflation, which is hitting consumers on everything they buy.”
The increasing gas prices have been quite a conversation on various social media outlets, with locals voicing their opinions on how gas prices have sprung up in a matter of weeks. The sudden rise in fuel prices impacts a lot of community members.
The Cayman Islands has no say or influence over the increase in gas prices on a global market scale, and those individuals should be prepared for the rise in gas prices”, said Duke Munroe, Fuel Inspector.
This increase comes with many locals who already have concerns about the cost of living in the Cayman Islands. The cost of living in the Cayman Islands is reported, on average, to be 50.75% higher than in the United States, and rent in the Cayman Islands, on average, is 66.22% higher than in the United States. Though the increase in gas prices has nothing to do with the Cayman Islands doing, as for inflation in other areas, many Caymanians are worried about what the near future will look like.
