The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, October 15, 2008:
• Gasoline prices will decrease by 10.1 cents per litre (cpl);
• Furnace oil prices will decrease by 6.4 cpl;
• Stove oil prices will decrease by 4.0 cpl;
• Diesel prices will decrease by 7.0 cpl; and
• There will be no changes in propane prices at this time.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 102.8 cpl to 104.9 cpl.
The significant deterioration of global financial markets over the past two weeks has served to weaken world wide demand for energy products. This reduced demand has now impacted refined product spot market prices. It should be noted that while crude prices have reacted dramatically to this financial crisis, refined product prices have not reacted as quickly. Below average inventory levels and increased carrying costs have supported market prices and served to delay price reductions of gasoline and distillate products.
The Commission's next scheduled price adjustment will be on November 1, 2008.