Why on earth it needed outside
consultants to work on the assessment of our fuel market is quite
beyond me.

However, I obviously know nothing
except the price we pay for fuel here is HIGH!

In the press release we published
yesterday (Tuesday) OfReg announced:

“The winning bidder of the formal
Request for Proposal to perform the economic and competition
assessment of the fuels markets across the Cayman Islands has
commenced work. The Principal Consultants from Economics Partners
Limited, a Hong Kong based firm with global regulatory and economics
expertise, arrived in the Cayman Islands and has been meeting with
stakeholders to carry out the ‘market diagnostics’ stage of the
assessment.

“Economics Partners Limited were
selected last month by OfReg following an open competitive bid
process by the Central Procurement Office to perform the assessment
of the fuels market across the Cayman Islands, and the assessment is
expected to be completed within six months.

“The Fuel Market Definition and
Economic and Regulatory Assessment will deliver the following:

• A definition of the fuels market in
the Cayman Islands which will identify the products that fall within
the relevant markets in the sector, and the way those markets behave;

• An assessment of the market(s) in
the Cayman Islands. This will include analysis of the impact of the
supply chain, logistics and infrastructure on the proper functioning
of the market, with a view to understand the extent and the
effectiveness of competition in the market(s);

• Recommendations to address issues
identified at the assessment phase of the project, which will be
designed to enhance competition in the sector. Recommendations will
be made following a consultation process with stakeholders, including
fuels providers, business users, the public and government.

“An assessment of the state of
competition was identified as a pre-condition for OfReg to fulfill
its mandate of effectively regulating the fuel sector. Effective
regulations designed to enhance performance ensures competition,
transparency, efficiency and innovation in the fuels market(s).”

Well. Who would have expected all that
to find out why we pay so much and how all the above is going to
ensure we pay a lower price for our fuel?

Mr Duke Munroe, Executive Director of
Fuels at OfReg, said: “I am pleased to announce to the public that
the necessary foundation work that will allow the Office to
effectively regulate the fuels market(s) across the Cayman Islands is
underway. We fully understand the public’s concern about the price
of fuel at the pumps, and this assessment will allow us to establish
the framework to balance the dynamics of the various factors that
influence the fuel market and ultimately, prices at the pump. It will
further allow us to identify the appropriate regulatory remedies and
intervention measures needed to fix market failures where they
exist.”

So the foundations will soon be laid
for the people employed at OfReg to find some way to establish a
framework where, hopefully, the fuel companies will be forced to cut
a couple of cents off the price we pay for petrol at the pumps.

And how much has all this cost the
country? How many of the staff and directors at Ofreg went to Hong
Kong to finalise the deal? Maybe it was done over Skype?

Well, everybody, I hope it is all worth
it, and the prices we pay for petrol will come tumbling down. I won't
tell you here my GAS how much by.