The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Monday, August 1, 2016:
• Gasoline prices will decrease by 1.0 cent per litre (cpl);
• Furnace and stove oil prices will decrease by 2.5 cpl;
• Diesel prices will decrease by 3.8 cpl; and
• There will be no change in propane prices at this time.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 95.8 cpl to 96.9 cpl. Maximum before tax propane prices will continue to range from 68.4 cpl to 70.0 cpl.
The maximum price for furnace oil will now amount to 66.7 cpl, plus tax.
A continued build in the inventory levels of both crude and refined products has resulted in decreased wholesale pricing for gasoline, furnace oil and diesel, thus enabling the price reductions announced today.
The Commission's next scheduled price adjustment will be on August 15, 2016.