The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective June 15, 2008:
• Gasoline prices will increase by 6.3 cents per litre (cpl);
• Furnace oil and stove oil prices will increase by 7.0 cpl; and
• Diesel prices will increase by 4.5 cpl.
• 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 138.4 cpl to 140.5 cpl.
Extreme volatility characterized petroleum markets this past two weeks with a one day record setting increase of almost $11.00 per barrel for crude recorded on June 6th. While consumption in North America appears to be dropping, growth in demand in Asia, the Middle East and Latin America continues to support high petroleum product prices. With the per barrel price of crude having doubled over the past year, refined product prices continue to establish record levels.
The Commission’s next scheduled price adjustment will be on July 1, 2008.