The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, July 15, 2009:
• Gasoline prices will decrease by 4.5 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 4.1 cpl;
• Diesel prices will decrease by 4.5 cpl;
• There will be no change in propane prices at this time.
Including adjustment for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 92.0 cpl to 94.1 cpl.
Recession related reduced demand coupled with increased inventory levels continue to exert a downward pressure on the wholesale prices of refined petroleum products thus affording the price reductions announced today.
The Commission's next scheduled price adjustment will be on August 1, 2009.
Petroleum product prices today versus one year ago:
July 15, 2009 - July 15, 2008
Regular Unleaded Self Serve Maximum 94.1 cpl - 141.2 cpl
Ultra Low Sulphur Diesel 90.3 cpl - 157.5 cpl
Furnace Oil 69.6 cpl - 127.5 cpl