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NO LEGISLATION TO GOVERN FUEL PRICES

Providenciales, 07 Jan 2015 – The floodgates are open now as comments about the disparity in fuel prices between gas stations locally and abroad and what many feel are insufficient savings on their power bills for example are coming in on Facebook, in person, via phone calls and on WhatsApp to Magnetic Media. Residents say they are waiting to see the effect of fuel reductions which is headline news in the international press. Malike Cummings, the country’s Energy Commissioner said there is nothing he can do about the prices at the pumps; there is no legislation to give his department any teeth. “As related to the gas stations, we do not have the legislation in placed to actually regulate prices. So that has been a challenge but we are looking forward to having those regulations in place.”

While a good many of the suppliers are conscionable and revealing drops in prices; there was at least one service station, Mr. Cummings said he visited who explained they cannot do any better. “There is a lag between the price you see at the world crude oil prices, and the price you will see here because that’s crude oil, it has to be refined so there is a supply chain and logistics and time lag we have to cater for. So typically we are about a few months behind what you will see in the US.”

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