Island, May 14, 2004 �
of international petroleum markets has, for the first time, triggered
the mid-month price adjustment mechanism adopted by the Island
Regulatory and Appeals Commission in the fall of 2003. The Commission announced today that wholesalers have
been authorized to increase the gasoline prices in their dealer and consumer
schedules by 5.0 cents per litre (cpl). Effective May 15, 2004 the average
maximum pump price of regular unleaded gasoline at self-serve outlets
will be 90.3 cpl.
Gasoline price adjustments become effective at 12:01 a.m. on Saturday, May 15, 2004.
noted that continuing geopolitical instability combined with sustained
high demand and refinery capacity issues in North America have resulted
in record high petroleum industry input costs. In considering
price changes, the Commission is required to strike a balance between
the interests of the consumer and the need for a viable local petroleum
adjustments will occur when average product input costs increase or
decrease by 4.0 cents per litre from the beginning of the monthly price
adjustment period. During the last two-week period, average input
costs increased by a full 7.0 cents per litre.
Commission Chair, Moe
Rodgerson, noted that a reprieve from escalating gasoline prices is not
likely to occur in the short term. "Industry analysts around the
world are united in the view that petroleum prices will remain at record
levels for the next number of weeks". Rodgerson noted that the
Commission will review prices within the next two weeks and will, at
that time, make further adjustments as necessary for effect on June 1.
here for published prices effective May 15, 2004