Island, June 30, 2006 —
The Island Regulatory
and Appeals Commission announced today that pump prices at retail
gasoline outlets will increase by 3.6 cents per litre (cpl) effective
12:01 a.m. Saturday, July 1, 2006.
Including related tax calculations, a reduction in the GST to 6%, and an
increase in the wholesale cost of gasoline of 4.0 cpl, pump prices for
regular unleaded gasoline at self-serve outlets will increase a total of
3.6 cpl and will now range from 113.5 cpl to 115.1 cpl. There will be no
change in wholesale pricing of diesel, furnace fuel or stove oil at this
time. However, approved consumer prices will reflect the GST reduction.
In addition, Irving
Oil Marketing Limited received approval to increase by .6 cpl and
Superior Propane Inc. received approval to increase by .4 cpl all
propane prices contained in their respective propane pricing schedules
based on increased costs.
In announcing the
price changes, the Commission indicated that the price increase for
gasoline reflects a dramatic increase in world oil prices observed over
the past few days. Commission Chair Moe Rodgerson indicated that, over
the past nine trading days, the price of crude has risen by almost $4.00
per barrel. Interruptions in U.S. refinery output and continued
geopolitical uncertainty have contributed to the present situation as
well as increasing consumer demand despite current price levels.
The Commission’s next
scheduled price adjustment will be on July 15th.
Click here for published prices effective
July 1, 2006