Island, February 14, 2006 —
The Island Regulatory
and Appeals Commission announced today that wholesalers have been
directed to decrease petroleum prices in their dealer and consumer
schedules by 10.0 cents per litre (cpl) on gasoline, by 3.6 cpl on
furnace fuel and stove oil and by 1.3 cpl on diesel effective 12:01 a.m.
Wednesday, February 15, 2006.
Pump prices for regular unleaded gasoline at self-serve
outlets will now range from 92.3 cpl to 93.9 cpl.
There will be no
adjustment in propane prices at this time.
In announcing the price
changes, the Commission noted that a number of events over the past two
weeks, including reduced global consumption, an easing of geopolitical
tensions and favourable domestic North American inventory builds have
combined to yield significant reductions in world crude prices which
have fallen approximately 9% over the last 14 days. The decreases have
correspondingly affected international commodity markets and now allow
favourable adjustments to local prices. The Commission noted, however,
that commodity markets have been extremely volatile thus far this year
and, while the market is currently trending downward, any unfavourable
geopolitical or significant weather related event could result in market
reaction in the opposite direction.
The Commission’s next
scheduled price adjustment will be on March 1st.
Click here for published prices effective
February 15, 2006