The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase petroleum prices in their dealer and consumer schedules by 6.0 cents per litre (cpl) on gasoline, and by 7.0 cpl on diesel fuel, furnace fuel and stove oil, effective 12:01 a.m. on Saturday, October 1, 2005.
Pump prices for regular unleaded gasoline at self-serve outlets will range from between 120.2 cents and 121.8 cents per litre.
In announcing the price change, Commission Chair Moe Rodgerson indicated that, while significant increases have occurred in the last few days in refined product prices on international markets, market prices have reduced somewhat today and it is anticipated that gasoline prices will come down in the coming days and weeks. “Price deceases, if they are sustained, will be passed along to consumers at the earliest opportunity” said Rodgerson.
In the case of distillate products—heating fuel and diesel—Rodgerson noted that, in all likelihood, prices will not be coming down and, if anything, will increase in the coming weeks. “Product demand and supply uncertainty in the distillate area continue to put upward pressure on international markets” said Rodgerson. “At this stage, industry analysts continue to suggest that market prices will increase.”
In view of the ongoing uncertainty in the commodities markets, the Commission will continue to monitor product pricing data and will announce further price changes as and when necessary.
For additional information, please contact Allison MacEwen at (902) 892-3501.