The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective April 25, 2008:
• Gasoline prices will increase by 6.7 cents per litre (cpl);
• There will be no change in furnace oil, stove oil, diesel or propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 123.4 cpl to 125.0 cpl.
Record setting crude prices and a number of market related factors are exerting unprecedented upward pressure on refined products, especially gasoline. Markets remain extremely reactive to any potential supply disruptions. Consumption is again on the rise, the U.S. dollar has weakened and the summer driving season is approaching.
This has resulted in so much pressure on Island wholesale prices that an upward adjustment is necessary at this time.
The Commission’s next scheduled price adjustment will be on May 1, 2008.