Island, January 31, 2007 —
Island Regulatory and Appeals Commission announced today the following
petroleum pricing decisions, effective February 1, 2007:
While approved prices
are not changing for gasoline and diesel fuel provincial tax adjustments
reflecting the January 15th decreases will come into effect
and will result in a slight decrease in pump prices for both products.
Pump prices for regular unleaded gasoline at self serve outlets will now
range from 90.1 cpl to 91.7 cpl.
Current Gasoline prices
will remain in effect.
Current Diesel fuel
prices will remain in effect.
Furnace fuel and stove
oil prices will increase 4.5 cents per litre.
Propane prices for both
Irving Oil Marketing and Superior Propane Inc. will decrease by 2 cents
The trend toward lower fuel prices has reversed over the past two weeks
resulting in increases for both crude oil and refined products. Crude
prices have increased by over $6 per barrel since January 15th
and that has placed upward pressure on fuel commodity prices.
Markets have also been
impacted by suggested additional OPEC production cutbacks, reports of
increased oil consumption, and the forecast of
colder than normal
weather. These factors have more than offset the slow downward trend
that had been experienced and in fact the market has recently witnessed
some of the most significant day over day price increases of the past
two years. Market analysts remain divided over pricing direction, but
most expect crude will remain in the $55 per barrel range while
commodity prices will continue to be impacted by a variety of other
market factors such as demand and weather.
The Commission’s next
scheduled price adjustment will be on February 15, 2007.
Click here for published prices effective
February 1, 2007