The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective June 15, 2007:
• Gasoline prices will decrease by 4.5 cents per litre (cpl);
• Diesel prices will decrease by 1.0 cpl;
• Furnace fuel, stove oil and propane prices will remain unchanged.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 107.8 cpl to 109.4 cpl.
The Commission noted that favourable market conditions for refined products over the past two weeks resulted in a gradual decline in New York Harbour pricing for gasoline and diesel. However crude prices have actually edged upward over the same period and that combined with a projected rise in fuel demand could negatively impact market direction this summer.