The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase prices in their dealer and consumer schedules by 4.5 cents per litre (cpl) on gasoline and diesel and by 3.0 cpl on furnace fuel and stove oil, effective 12:01 a.m. Saturday, April 15, 2006.
Accordingly, pump prices for regular unleaded gasoline at self-serve outlets will now range from 112.4 cents per litre to 114.0 cents per litre.
There will be no changes to propane pricing at this time.
In announcing the price increases, the Commission indicated that continued dramatic increases in world oil prices have necessitated price adjustments. Commission Chair, Moe Rodgerson, noted that a number of issues affecting world oil prices are still at play, including geopolitical tensions in Nigeria and Iran, the introduction of new more environmentally sensitive industry production regulations and the onset of the spring and summer driving seasons, all of which have combined thus far to increase crude prices by over $2.00 per barrel since April 1st. With the markets remaining as volatile they are, the Commission will continue to monitor the situation on a daily basis.
The Commission’s next scheduled price adjustment will be on May 1st.