Island, October 21, 2005 �
The Island Regulatory and
Appeals Commission announced today that wholesalers have been directed
to reduce gasoline prices in their dealer and consumer schedules by 10
cents per litre, effective 12:01 a.m. Saturday, October 22, 2005.
Pump prices for regular unleaded gasoline at self-serve outlets will
range from 98.8 cents per litre to 100.4 cents per litre.
Heating fuel and diesel oil prices will not be adjusted at this time.
In announcing the price reduction in gasoline, Commission Chair, Moe
Rodgerson, indicated that diminished market concerns over supply issues,
the continued recovery of Gulf of Mexico oil industry infrastructure and
the recent release of government and industry reports indicating
dramatic reductions in consumer consumption patterns have resulted in
significant reductions in crude and gasoline product pricing.
"While the market is far from stable, we appear to be returning to
pre-Katrina pricing levels at least as far as gasoline is concerned"
Rodgerson noted that a desired goal of regulation is price stability.
For the benefit of both consumers and the industry, the Commission will
return to stability in its price setting mechanism. To that
end--and for the remainder of the year--the Commission will move to
scheduled price adjustments on the 1st and 15th of each month. In
January of 2006, the Commission will revisit the issue of
price-adjustment frequency and will, at that time, consider returning to
a monthly adjustment process.
continue to recognize the anxiety caused by the major price spikes this
year, and we appreciate the challenges it has created for consumers and
the industry. The Commission continues to focus on its
responsibility to determine just and reasonable prices for both
consumers and licensees."
Click here for published prices effective
October 22, 2005