Petroleum Pricing Adjustments

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, by 3.7 cpl on diesel and by 3.1 cpl on furnace fuel and stove oil, effective 12:01 a.m. Monday, May 1, 2006.

Accordingly, after allowing for tax adjustments pump prices for regular unleaded gasoline at self-serve outlets will now range from 118.2 cents per litre to 119.8 cents per litre.

In addition, Irving Oil Marketing Limited received approval to increase by 2.4 cpl and Superior Propane Inc. received approval to increase by 2.3 cpl all propane prices contained in their respective propane pricing schedules based on increased costs.

In announcing the price increases, the Commission indicated that during the past two weeks crude prices have been consistently in excess of $70.00 per barrel and accordingly now necessitate local market price adjustments.

The Commission’s next scheduled price adjustment will be on May 15th.