The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, July 15, 2015:
• There will be no change in gasoline prices;
• Furnace and stove oil prices will decrease by 2.3 cents per litre (cpl);
• Diesel prices will decrease by 3.0 cpl and
• There will be no change in propane prices at this time.
Pump prices for regular unleaded gasoline at self-serve outlets will continue to range from 119.0 cpl to 120.2 cpl.
The maximum price for furnace oil will now amount to 78.9 cpl plus tax.
Reductions in the wholesale pricing of furnace oil and diesel observed over the past two weeks now afford the opportunity for the pricing reductions announced today.
Gasoline prices will remain unchanged. Although the wholesale prices of diesel and furnace oil have reduced, no similar reduction in the wholesale price of gasoline has occurred due to substantial speculative trading in wholesale gasoline futures on the commodity market.
The Commission's next scheduled price adjustment will be on August 1, 2015.