The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective August 15, 2007:
• Gasoline prices will decrease by 2.8 cents per litre (cpl);
• Diesel prices will decrease by 1.5 cpl;
• Furnace fuel and stove oil prices will decrease by 1.5 cpl;
• There will be no change to propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 98.7 cpl to 100.3 cpl.
In announcing these latest price adjustments, the Commission noted that the recovery of industry refining capacity over the past number of weeks, the adequacy of current inventory levels and the indication of reduced consumer demand have all combined to favorably influence commodity market prices.
The Commission’s next scheduled price adjustment will be on September 1, 2007.