Island, August 31, 2006 —
The Island Regulatory and Appeals
Commission announced today that wholesalers have been directed to
decrease prices in their dealer and consumer schedules by 6.2 cents per litre (cpl) on gasoline, by 4.3 cpl on diesel
and by 2.5 cpl on furnace fuel and stove oil, effective 12:01 a.m.
Friday, September 1, 2006.
Including related tax calculations, pump prices for regular
unleaded gasoline at self-serve outlets will now range from 99.6 cpl to
addition, Irving Oil Marketing Limited received approval to increase by
0.7 cpl and Superior Propane Inc. received approval to increase by 0.3
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
decreases are the result of a combination of factors influencing
petroleum spot markets as of late including the absence, to date, of any
hurricane-related damage to oil producing and refining regions, favourable industry inventory builds and the
wind-up of the high demand summer driving season. Price reductions on
distillates, however, which include furnace oil and diesel have not been
as dramatic as demand for other distillate products, such as jet fuel, remains high.
The Commission’s next
scheduled price adjustment will be on September 15.
Click here for published prices effective
September 1, 2006