The Island Regulatory and Appeals Commission announced today that wholesalers have been directed to decrease prices in their dealer and consumer schedules by 3.5 cents per litre (cpl) on gasoline, by 3.0 cpl on diesel and by 3.5 cpl on furnace fuel and stove oil, effective 12:01 a.m. Sunday, October 1, 2006.
Including related tax calculations, pump prices for regular unleaded gasoline at self-serve outlets will now range from 89.3 cpl to 90.8 cpl.
In addition, Irving Oil Marketing Limited received approval to decrease by 2.8 cpl and Superior Propane Inc. received approval to decrease by 2.6 cpl all propane prices contained in their respective propane pricing schedules based on decreased costs.
In announcing the price changes, the Commission indicated that the sustained trend of falling world oil prices continues to impact refined petroleum commodity markets allowing the price adjustments announced today. The Commission’s next scheduled price adjustment will be on October 15th.