The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective February 22, 2008:
• Gasoline and diesel prices will increase by 7.0 cents per litre (cpl);
• Furnace fuel and stove oil prices will increase by 6.0 cpl; and
• There will be no change in propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 111.6 cpl to 113.2 cpl.
In announcing the price adjustments, the Commission noted that the per barrel price of crude has increased almost $12.00 since the Commission’s last adjustment on February 1st. This combined with other factors has dramatically increased the price for refined product supply to the PEI market. These other factors include the falling value of the U.S. dollar, renewed geo-political tension in Venezuela and Nigeria and market concern over potential OPEC production cuts.
The Commission’s next scheduled price adjustment will be on March 1, 2008.