The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Tuesday, March 1, 2011:
• Gasoline prices will increase by 4.5 cents per litre (cpl);
• Furnace and stove oil prices will increase by 4.0 cpl;
• Diesel prices will increase by 4.0 cpl; and
• There will be no increase in propane prices this month.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 115.7 cpl to 117.8 cpl.
Global geo-political tensions experienced over the past week have resulted in significantly increased wholesale market prices necessitating the petroleum product pricing adjustments announced today.
The Commission's next scheduled price adjustment will be on March 15, 2011.