Island, January 31, 2006 �
The Island Regulatory
and Appeals Commission announced today that wholesalers have been
authorized to increase petroleum prices in their dealer and consumer
schedules by 1.0 cents per litre (cpl) on gasoline and diesel and by 2.0
cpl on furnace fuel and stove oil, effective 12:01 a.m. Wednesday,
February 1, 2006.
for changes in the provincial tax calculations, pump prices for regular
unleaded gasoline at self-serve outlets will now range from 103.0 cpl to
In addition, Irving Oil
Limited received approval to decrease by 0.8 cpl and Superior Propane
Inc. received approval to decrease by 1.8 cpl all propane costs
contained in their respective propane pricing schedules based on
decreases in product costs.
In announcing the price
changes, the Commission noted that there has been a significant
increase in crude prices over this past month, up $4.00 per barrel over
the past two weeks and up $7.00 per barrel since January 1. The
increases have affected international commodity market prices and have
necessitated adjustments to local prices. Favourable builds in North
American propane inventories over the same period, however, have enabled
modest price reductions for this product.
While the milder than
normal winter weather experienced this year has been a moderating
influence on petroleum prices, a number of geopolitical tensions
combined with market concerns regarding overall global supply and demand
issues have resulted in a significant escalation in world crude prices
thus far in 2006.
The Commission�s next
scheduled price adjustment will be on February 15th.
Click here for published prices effective
February 1, 2006