The Island Regulatory and Appeals Commission announced today that wholesalers have been directed to decrease prices in their dealer and consumer schedules by 6.5 cents per litre (cpl) on gasoline, by 5.0 cpl on diesel and by 5.0 cpl on furnace fuel and stove oil, effective 12:01 a.m. Monday, January 15, 2007.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 90.8 cpl to 92.4 cpl.
There will be no changes in propane prices at this time.
The Commission indicated that a number of factors have come together to create current market conditions including above average temperatures, a de-escalation of international geo-political tensions, favourable industry inventory builds and reduced investment fund activity.
Crude prices have fallen in excess of $6.00 per barrel since the beginning of the year.
The Commission’s next scheduled price adjustment will be on February 1, 2007.