Island, November 30, 2006 —
The Island Regulatory
and Appeals Commission announced today that wholesalers have been
authorized to increase prices in their dealer and consumer schedules by
5.0 cents per litre (cpl) on gasoline, by 5.0 cpl on diesel and by 4.0
cpl on furnace fuel and stove oil, effective 12:01 a.m. Friday, December
Pump prices for regular unleaded gasoline at self-serve outlets will now
range from 97.7 cpl to 99.3 cpl.
There will be no
changes in propane prices at this time.
In announcing the
price changes, the Commission indicated that, while crude market prices
have fluctuated moderately over the past month between $58.00 and $60.00
per barrel, they have increased dramatically over the past several days
to over $63.00 per barrel. In addition, refined product prices have
similarly escalated over this same period necessitating an upward
adjustment in product margins at this time.
Over the past 14
days, crude prices have risen in excess of $3.50 per barrel due to a
number of factors including the sliding value of the U.S. dollar, the
market’s preoccupation with potential OPEC production cuts and, most
recently, the prediction of colder, more seasonal winter weather.
The Commission noted
that this is the second gasoline price increase since mid-November and
reflects an end to a period of prices decreases since mid-August when
Island self-serve prices peaked at $1.20 per litre.
The Commission’s next
scheduled price adjustment will be on December 15, 2006.
Click here for published prices effective
December 1, 2006