Charlottetown, Prince Edward Island, June 26, 2008
Island Regulatory and Appeals Commission announced today
the following petroleum pricing decisions, effective
Gasoline prices will
decrease by 3.3 cents per litre (cpl);
Furnace oil and stove oil
prices will decrease by 4.0 cpl;
Diesel prices will decrease
by 5.0 cpl; and
Propane prices will increase
by 3.0 cpl for Superior Propane and by 1.9 cpl for Irving Oil
Including taxes, pump prices for regular unleaded gasoline at self-serve
outlets will now range from 134.9 cpl to 137.0 cpl.
Sustained improvements in NYMEX spot market prices over the past week
support a reduction in local petroleum product prices and the Commission
has opted to implement these reductions prior to its regularly scheduled
July 1st adjustment date. Several factors have had a positive
impact on market prices including:
The announcement of
additional OPEC crude production;
consumption in North America;
The recent reduction of fuel
subsidies in Indonesia, India and China which will likely lead to
reduced demand in those countries;
Favourable U.S. Department
of Energy reported inventory levels.
Commission cautions that ever present geo-political issues and a tight
global supply and demand situation continue to influence market
direction on a daily basis and significant fluctuations can still
Commission's next scheduled price adjustment will be on July 15, 2008.
Click here for published prices effective
June 27, 2008.