The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, May 15, 2009:
· Gasoline prices will increase by 7.5 cents per litre (cpl);
· Furnace and stove oil prices will increase by 2.0 cpl;
· Diesel prices will increase by 1.0 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 93.7 cpl to 95.8 cpl.
Substantially increased wholesale pricing of refined petroleum products over this past two weeks has necessitated retail price adjustments at this time. A combination of factors including a cutback of overall domestic North American refinery production, reduced imports, the production of more expensive summer gasoline blends and an unscheduled major refinery shutdown this past week has contributed to the escalation in wholesale pricing.
The Commission's next scheduled price adjustment will be on June 1, 2009.