The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective December 1, 2007:
• Diesel prices will increase by 3.0 cpl;
• Furnace fuel and stove oil prices will increase by 3.0 cpl; and
• Propane prices will increase by 3.4 cpl for Superior Propane and by 3.3 cpl for Irving Oil Marketing Limited.
There will be no change in gasoline prices at this time. Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will continue to range from 106.1 cpl to 107.7 cpl.
In announcing these latest price adjustments, the Commission noted that seasonal demand issues are now affecting the market price of distillate products such as furnace oil and diesel. The onset of colder weather typically ushers in a period of higher demand along with higher prices for these products. The tight inventory situation being experienced in North America this year coupled with record setting crude prices has resulted in higher prices for consumers.
The Commission’s next scheduled price adjustment will be on December 15, 2007.