The Island Regulatory and Appeals Commission today authorized wholesalers to increase gasoline prices in their dealer and consumer schedules by 3.2 cents per litre (cpl) effective 12:01 a.m. Saturday, July 15, 2006.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 116.9 cpl to 118.5 cpl. The existing pricing for other petroleum products will remain in effect.
In announcing the price changes, the Commission indicated gasoline markets are being significantly impacted by rising world oil prices.
Commission Chair Moe Rodgerson noted that over the past 14 days the price of crude has risen by $3.00 per barrel, and over the past 4 weeks by over $7.00 per barrel. Diminished U.S. gasoline inventories, increased consumer demand and continued geo-political uncertainty in Nigeria and the Middle East, have all combined to exert significant upward price pressure.
The Commission’s next scheduled price adjustment will be on August 1, 2006.