The Island Regulatory and Appeals Commission announced today that wholesalers have been directed to decrease prices in their dealer and consumer schedules by 6.2 cents per litre (cpl) on gasoline, by 4.3 cpl on diesel and by 2.5 cpl on furnace fuel and stove oil, effective 12:01 a.m. on Friday, September 1, 2006.
Including related tax calculations, pump prices for regular unleaded gasoline at self-serve outlets will now range from 99.6 cpl to 101.2 cpl.
In addition, Irving Oil Marketing Limited received approval to increase by 0.7 cpl, and Superior Propane Inc. received approval to increase by 0.3 cpl, all propane prices contained in their respective propane pricing schedules based on increased costs.
In announcing the price changes, the Commission indicated that the price decreases are the result of a combination of factors influencing petroleum spot markets as of late including the absence, to date, of any hurricane-related damage to oil producing and refining regions, favourable industry inventory builds and the wind-up of the high demand summer driving season. Price reductions on distillates, however, which include furnace oil and diesel, have not been as dramatic as demand for other distillate products, such as jet fuel, remains high.
The Commission’s next scheduled price adjustment will be on September 15.