Island, May 14, 2006 —
The Island Regulatory
and Appeals Commission announced today that wholesalers have been
authorized to decrease prices in their dealer and consumer schedules by
4.6 cents per litre (cpl) on gasoline, by 2.1 cpl on diesel and by 2.5
cpl on furnace fuel and stove oil, effective 12:01 a.m. Monday, May 15,
prices for regular unleaded gasoline at self-serve outlets will now
range from 113.3 cents per litre to 114.9 cents per litre.
There will be no
change in propane prices at this time.
In announcing the
price changes, the Commission indicated that the price decreases are the
result of falling world crude and refined products market prices.
Commission Chair, Moe Rodgerson noted that since May 2, crude prices
have fallen by approximately $2.50 per barrel for a variety of reasons
including improved refining capacity in the U.S. , a favourable build in
U.S. domestic petroleum inventories and a distinctly measurable
reduction in consumer demand. Rodgerson cautions, however, that the
market remains extremely sensitive to geopolitical and production
related issues and, hence, it is extremely difficult to predict how
prices will play out over the coming summer months.
The Commission’s next
scheduled price adjustment will be on June 1st.
Click here for published prices effective
May 15, 2006