Charlottetown, Prince Edward Island, October 15, 2008
Island Regulatory and Appeals Commission approved the
following petroleum pricing decisions, effective 12:01 a.m.,
Wednesday, October 15, 2008:
Gasoline prices will decrease by 10.1 cents per litre (cpl);
Furnace oil prices will decrease by 6.4 cpl;
oil prices will decrease by 4.0 cpl;
prices will decrease by 7.0 cpl; and
will be no changes in propane prices at this time.
Including taxes, pump prices for regular unleaded
gasoline at self-serve outlets will now range from 102.8 cpl to 104.9
The significant deterioration of global financial markets
over the past two weeks has served to weaken world wide demand for
energy products. This reduced demand has now impacted refined product
spot market prices. It should be noted that while crude prices have
reacted dramatically to this financial crisis, refined product prices
have not reacted as quickly. Below average inventory levels and
increased carrying costs have supported market prices and served to
delay price reductions of gasoline and distillate products.
The Commission's next scheduled price adjustment will be
on November 1, 2008.
Click here for published prices effective
October 15, 2008.