The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to decrease petroleum prices in their dealer and consumer schedules by 2 cents per litre (cpl) on gasoline and by 5.5 cpl on diesel, furnace oil and stove oil effective 12:01 a.m. on Thursday, December 1, 2005.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 92.9 cents per litre to 94.5 cents per litre.
In announcing the price reductions, Commission Chair, Moe Rodgerson, indicated that the milder than normal weather experienced this fall in much of North America has effectively reduced overall demand for heating oil, in particular, allowing refiners to return inventories to near traditional levels despite hurricane related interruptions experienced earlier this fall. This market stabilization has resulted in reduced pressure on petroleum commodity prices in general which is being reflected in today’s announced price reductions.
In addition, Irving Oil Limited received approval to decrease, by 0.9 cpl, and Superior Propane Inc. received approval to decrease, by 1.2 cpl, all propane prices contained in their respective propane pricing schedules based on decreases in costs.
The Commission’s next scheduled price adjustment, if necessary, will be on December 15.