The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to decrease gasoline prices in their dealer and consumer schedules by 4.8 cents per litre (cpl) effective 12:01 a.m. on Tuesday, August 15, 2006. The current prices for other petroleum products will remain in effect.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 113.4 cents per litre to 115.0 cents per litre.
In announcing the price change, the Commission indicated that events over the past few days have moderated several months of upward price pressure on gasoline. Commission Chair Moe Rodgerson says the uncovering of planned terrorist activities in London, the apparent cessation of hostilities in the Middle East and the return to production of some previously shutdown pipelines have combined to reduce crude prices by several dollars per barrel.
The Commission’s next scheduled price adjustment will be on September 1.