The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective March 15, 2008:
• Furnace oil, stove oil and diesel prices will increase by 9.8 cents per litre (cpl); and
• There will be no change in gasoline or propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will continue to range from 110.6 cpl to 112.1 cpl. Diesel self-serve prices will range from 130.1 to 131.7 cpl.
The Commission notes that both crude and refined products continue to trade at record prices. Spot market prices for furnace oil, diesel fuel and the per barrel price of crude oil have all increased in excess of 25% over the past two months. The slide in the value of the U.S. dollar this past year continues to impact global commodity markets and has dramatically affected crude oil futures prices. Now trading at $110 per barrel, crude a year ago traded at $58 per barrel.
The Commission’s next scheduled price adjustment will be on April 1, 2008.
—30—