The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Sunday, February 15, 2009:
• Gasoline prices will increase by 2.0 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 3.5 cpl;
• Diesel prices will decrease by 3.5 cpl; and
• 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 84.4 cpl to 86.5 cpl.
While crude prices continue to fall due to reduced global demand, increased North American demand for gasoline coupled with reduced refinery output and diminished imports have exerted upward pressure on gasoline spot market prices. This has resulted in increased cost for gasoline product delivered to the Island.
Mild weather and surplus inventories have influenced market price dynamics for furnace oil and diesel, both of which have decreased. Island prices have been reduced to reflect lower market costs.
The Commission's next scheduled price adjustment will be on March 1, 2009.