The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, November 15, 2014:
• Gasoline prices will decrease by 2.4 cents per litre (cpl);
• Furnace and stove oil prices will increase by 1.0 cpl;
• Diesel prices will increase by 0.9 cpl; and
• There will be no change in propane prices at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 116.2 cpl to 117.3 cpl. Maximum before tax propane prices will continue to range from 79.4 cpl to 82.0 cpl.
The maximum price for furnace oil will now amount to 97.3 cpl, plus tax.
While a continued de-escalation of gasoline wholesale pricing has been observed over the past two weeks, seasonal production and supply and demand dynamics have combined to exert an upward pressure on distillate (furnace oil and diesel) product pricing.
The Commission's next scheduled price adjustment will be on December 1, 2014.