The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective June 1, 2007:
• Gasoline prices will decrease by 1.5 cents per litre (cpl);
• Furnace fuel and stove oil prices will decrease by 2.0 cents cpl;
• Diesel prices will decrease by 1.5 cpl;
• Propane prices will remain unchanged.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 112.6 cpl to 114.2 cpl.
In announcing the price adjustments, the Commission noted that, over the past week, the combination of
• the adequacy of domestic North American supply of refined products;
• the apparent moderation of political tensions in oil rich Nigeria; and
• the restarting of a number of key refinery operations in the U.S.
have impacted NYMEX petroleum commodity market prices lowering both crude and refined product pricing. With domestic consumer demand remaining strong, however, and refineries operating at maximum capacity, market direction over the coming weeks remains difficult to predict.