⛽ Cayman Islands establishes select committee to investigate fuel sector

Planning Minister Jay Ebanks will chair a new committee tasked with investigating the cost of fuel in the Cayman Islands. The Fuel Review Select Committee was established in response to years of fluctuating and often increasing fuel costs. Despite the creation of the Utility Regulation and Competition Office (OfReg) seven years ago, successive governments have struggled to control volatile prices or understand how fuel companies set those prices. 📈

The committee will conduct a comprehensive examination of the factors driving fuel prices and develop strategies to alleviate the strain on the economy and people. The ultimate goal is to stabilize fuel prices and lower costs. The committee will question those involved in the sector and pass on information to OfReg for action. However, OfReg, originally tasked with this work, has been criticized for its close relationship with the entities it is supposed to oversee. 🛢️

Minister Ebanks stressed the need for accountability and the importance of protecting ordinary Caymanians from high fuel costs. He also highlighted the need to explore alternatives and cheaper fuel sources. The committee's work is expected to result in a solution to the ongoing fuel problem. The Cayman legislature has been urged to use its power of oversight more effectively, particularly in relation to the private sector. 🏦