The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective October 1, 2007:
• Gasoline prices will decrease by 1.0 cent per litre (cpl);
• Diesel prices will increase by 1.0 cpl;
• Furnace fuel and stove oil prices will increase by 1.0 cpl; and
• Propane prices will increase by 1.5 cpl for Superior Propane Inc. and Irving Oil Marketing Limited propane prices will increase by 1.7 cpl.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 99.7 cpl to 101.3 cpl.
In announcing these latest price adjustments, the Commission noted that, while record setting crude prices have been observed as of late, refined product prices have not yet been dramatically affected by world crude markets. Due to seasonal demand issues, gasoline spot market prices have slightly declined somewhat whereas prices for distillate products (furnace and diesel oil) have slightly increased.
The Commission’s next scheduled price adjustment will be on October 15, 2007.