• Gasoline prices will decrease by 3.3 cents per litre (cpl);
• Furnace oil and stove oil prices will decrease by 4.0 cpl; 
• Diesel prices will decrease by 5.0 cpl; and
• Propane prices will increase by 3.0 cpl for Superior Propane and by 1.9 cpl for Irving Oil Marketing Limited.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 134.9 cpl to 137.0 cpl.

Sustained improvements in NYMEX spot market prices over the past week support a reduction in local petroleum product prices and the Commission has opted to implement these reductions prior to its regularly scheduled July 1^st adjustment date. Several factors have had a positive impact on market prices including:

• The announcement of additional OPEC crude production;
• Continued reduced consumption in North America;
• The recent reduction of fuel subsidies in Indonesia, India and China which will likely lead to reduced demand in those countries;
• Favourable U.S. Department of Energy reported inventory levels.

The Commission cautions that ever present geo-political issues and a tight global supply and demand situation continue to influence market direction on a daily basis and significant fluctuations can still occur. 

The Commission's next scheduled price adjustment will be on July 15, 2008.

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Click here for published prices effective June 27, 2008.