Charlottetown, Prince Edward Island, September 14, 2008
Island Regulatory and Appeals Commission announced today the
following petroleum pricing decisions, effective September 15, 2008:
Gasoline prices will increase by 9.0 cents per
Furnace oil and stove oil prices will decrease by
Diesel prices will decrease by 5.5 cpl; and
There will be no changes in propane prices at
Including taxes, pump prices for regular unleaded
gasoline at self-serve outlets will now range from 136.0 cpl to 138.1
Hurricane Ike impacted petroleum market prices late
last week as industry prepared for the potential loss of millions of
barrels of oil production due to storm related damage. Markets reacted
because the Gulf Coast area is home to refineries that produce more than
7 million barrels of refined products daily, especially gasoline,
representing almost 50% of total U.S. refining capacity. Refineries shut
down in advance of the storm and that supply reduction is compounded by
the lingering effects of recent Hurricane Gustav with approximately 1.5
million barrels per day of oil production remaining offline due to that
Market reaction has focused on the gasoline market
with minimal immediate impact on distillate product prices including
those for furnace oil and diesel.
Depending upon the amount of damage inflicted by the
storm and the related turnaround time required to return area refineries
to full production, there may be a lingering impact on product prices.
As was the case with Hurricane Katrina in 2005 the Commission will
continue to monitor market prices and make adjustments as necessary.
The Commission's next scheduled price adjustment will
be on October 1, 2008.
Click here for published prices effective
September 15, 2008.