The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective March 1, 2008:
• Gasoline prices will decrease by 1.0 cents per litre (cpl);
• Diesel prices will increase by 1.0 cpl; and
• There will be no change in furnace, stove oil or propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 110.6 cpl to 112.1 cpl.
Global crude prices continue to trade at record levels, primarily the result of speculative activity as opposed to fundamental supply and demand factors. Crude prices sustained at this level will result in continued high refined product pricing. A build in inventory and decline in demand for gasoline enables a slight reduction for this product while a reduction in supply necessitates an increase in diesel prices at this time.
The Commission’s next scheduled price adjustment will be on March 15, 2008.