The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase prices in their dealer and consumer schedules by 1.0 cent per litre (cpl) on gasoline and by 2.0 cpl on diesel, effective 12:01 a.m. on Tuesday, August 1, 2006. There will be no change in furnace or stove oil prices at this time.
Including related tax calculations, pump prices for regular unleaded gasoline at self-serve outlets will now range from 118.5 cents per litre to 120.1 cents per litre.
In addition, Irving Oil Marketing Limited received approval to increase by 2.6 cpl, and Superior Propane Inc. received approval to increase by 2.9 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 lack of any relief in petroleum prices as of late is due largely to a continued strong growth in domestic consumer demand. In addition, persistent international supply disruptions, particularly in Nigeria, combined with a number of North American refinery production interruptions this past week, continue to place upward pressure on world oil prices.
The Commission's next scheduled price adjustment will be on August 15.