Charlottetown, Prince Edward Island, April 14, 2008
Island Regulatory and Appeals Commission announced today
the following petroleum pricing decisions, effective
Gasoline prices will
increase by 5.5 cents per litre (cpl);
Furnace oil and stove oil
prices will increase by 3.5 cpl;
Diesel prices will increase
by 5.1 cpl; and
There will be no change in
propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve
outlets will now range from 116.3 cpl to 117.9 cpl.
reduced North American fuel demand, the low value of the U.S. dollar is
fostering commodity market investments and continues to put upward
pressure on product prices.
Commission's next scheduled price adjustment will be on May 1, 2008
With the exception of one
day, crude oil has traded consistently above $100 per barrel since
February 28th. A record high trading value of $112 was
observed this past week and average prices for March traded at $42
per barrel more than last year.
Demand has dropped in North
America. Consumption in China, Southeast Asia and Europe continues
to grow, however, thus exerting upward pressure on global oil
The declining value of the
U.S. dollar, as well, has been a contributing factor with the fall
in the dollar encouraging speculative activity in commodities
markets such as oil, wheat and gold.
P.E.I. prices for diesel and
heating fuel are at record levels.
Click here for published prices effective
April 15, 2008.