Island, October 31, 2003 � The
Island Regulatory and Appeals Commission announced today that
wholesalers have been authorized to adjust petroleum prices in their
dealer and consumer schedules as follows: a decrease of 3.6 cents per
litre (cpl) on gasoline, an increase of 1.5 cpl on diesel and an
increase of 1.3 cpl on furnace and stove oil. Effective November
1, 2003, the average maximum pump price of regular unleaded gasoline at
self-serve outlets will be 71.9 cpl.
Irving Oil Limited received approval to decrease, by 1.2 cpl,
and Superior Propane Inc. received approval to decrease, by 0.8 cpl, all
propane prices contained in their respective propane pricing schedules
based on decreased product acquisition costs.
pricing adjustments become effective at 12:01 a.m. on Saturday, November 1,
The Commission is also adopting a process that will substantially enhance
its ability to address extreme price fluctuations - both decreases and
increases - in times of significant market volatility. IRAC believes
the enhancement will better serve both the consumer and the industry.
process provides for possible price adjustments mid-month, but only when
average product prices have changed by at least 4.0 cents per litre
mid-way through the pricing period. In such cases, and subject to
the discretion of the Commission, the adjustment would range from 50%-75%
of the indicated differential. The balance of the adjustment would
be addressed in the regular month-end pricing process.
here for published prices effective November 1, 2003