PETROLEUM PRICING
 



Charlottetown, Prince Edward Island, May 14, 2007 — 
The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective May 15, 2007:

  • Gasoline prices will increase by 2.7 cents per litre (cpl);
  • Furnace fuel and stove oil prices will decrease by 1.3 cpl;
  • Diesel prices will decrease by 2.6 cpl;
  • Propane prices will remain unchanged.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 114.2 cpl to 115.8 cpl.

In announcing the price adjustments, the Commission noted that, over the past 3 months, the combination of

  • unplanned production outages;
  • scheduled seasonal maintenance at refineries,
  • interrupted European gasoline imports; and
  • sustained strong consumer demand;

have significantly impacted North American gasoline inventories. According to the U.S. Department of Energy, gasoline stocks are at the lowest level in 16 years. With the onset of the summer driving season, the market's concern for adequate supply has been reflected by escalated pricing in the commodities market where prices have increased by 4.5 cpl since mid-April.

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Click here for published prices effective May 15, 2007

 

Posted: 2007/05/14