The Island Regulatory and Appeals Commission announced today that there will be no change in retail pricing for gasoline. Wholesalers have been authorized to increase gasoline prices in their dealer and consumer schedules by 1.0 cent per litre (cpl), effective 12:01 a.m. Wednesday, March 1, 2006; however, this is offset by the reduction in the provincial tax calculation resulting from February’s mid month price adjustments. Accordingly, pump prices for regular unleaded gasoline at self-serve outlets will continue to range from 92.3 cpl to 93.9 cpl. Diesel prices also decrease slightly due to the tax calculation.
The maximum prices for home heating fuel and stove oil remain unchanged.
Irving Oil Limited and Superior Propane Inc. received approval to decrease propane prices by 6.1 cpl and 6.5 cpl, respectively, reflecting decreases in product costs.
The Commission noted that while there has been significant fluctuation in crude prices over the past two weeks, surplus North American crude and distillate inventories have served to moderate the effect of a number of geopolitical issues. Gasoline market prices, however, continue to edge upward because of lower inventory levels and the introduction of more stringent environmental specifications.
The Commission’s next scheduled price adjustment will be on March 15th.