Island, April 14, 2007 — The
Island Regulatory and Appeals Commission announced today the following
petroleum pricing decisions, effective April 15, 2007:
Gasoline prices will increase by
2.0 cents per litre (cpl).
fuel and stove oil prices will increase by 1.0 cpl.
prices will increase by 3.0 cpl.
propane prices will remain in effect.
pump prices for regular unleaded gasoline at self-serve outlets will now
range from 111.3 cpl to 112.9 cpl.
In announcing the
price adjustments, the Commission noted that a number of supply-related
issues have combined to put upward pressure on North American oil
the U.S. continue to deal with maintenance-related production
interruptions which have hampered their ability to build gasoline
inventories in anticipation of the coming summer driving season.
North American gasoline inventories have fallen now for nine
consecutive weeks and now stand at 4% less than their five-year
North American consumer demand for gasoline continues to grow.
The U.S. Department of Energy reported this week that, for the past
four-week period, demand for gasoline was 2.4% higher than the same
period last year.
effect of the recent port workers' strike in France has delayed
shipments of finished European gasolines to the North American
market, thus compounding an already tight inventory situation.
of a continued strong demand, refinery production issues and declining
supplies as refiners switch to the production of cleaner burning summer
blends have all contributed to the increased spot market pricing of
refined petroleum products during this past two-week period.
Average NYMEX reported pricing:
Regular Unleaded Gasoline
Feb 1 - Feb 27
Mar 1 - Mar 29
Mar 30 - April 12
The Commission's next
schedule pricing adjustment date is April 30, 2007.
Click here for published prices effective
April 15, 2007