The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective November 1, 2007:
• Gasoline prices will increase by 2.7 cents per litre (cpl);
• Diesel prices will increase by 2.6 cpl;
• Furnace fuel and stove oil prices will increase by 2.5 cpl; and
• Propane prices will increase by 1.9 cpl for Superior Propane and by 1.4 cpl for Irving Oil Marketing Limited.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 100.0 cpl to 101.5 cpl.
In announcing these latest price adjustments, the Commission noted that the record setting crude prices observed in recent weeks are beginning to be reflected in refined product spot market prices. Mild weather experienced thus far this fall and the traditional seasonal reduction in demand for automotive fuels is tempering current heating oil and gasoline prices. Refined product market direction over the coming months may be more closely aligned with international crude oil prices than it has been in recent months.
The Commission’s next scheduled price adjustment will be on November 15, 2007.