PETROLEUM PRICING


Charlottetown, Prince Edward Island, February 28, 2007 —  The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective March 1, 2007:

Gasoline prices will increase by 6.5 cents per litre (cpl);

Furnace fuel and stove oil prices will increase by 2.0 cpl;

Diesel prices will increase by 2.0 cpl;

Irving Oil Marketing Limited propane prices will increase by 3.0 cpl;

Superior Propane Inc. propane prices will increase by 3.7 cpl.

Including taxes pump prices for regular unleaded gasoline at self serve outlets will now range from 102.4.cpl to 104.0 cpl.

In announcing the changes, the Commission noted that, while world market prices have eased somewhat today, significant increases in the market prices of both crude oil and refined products over the past two weeks have necessitated price adjustments. Escalating geo-political tension between the United Nations and Iran, supply-related difficulties including refinery fires and pipeline spills and a reported 3.8% year-over-year increase in USA consumer demand for gasoline have combined to exert upward pressure on market prices. Compared to the month of January, average crude prices over the past month have climbed by almost $5.00 per barrel while refined product average spot market prices for gasoline, furnace oil and diesel have increased by 6.0 cpl, 5.4 cpl and 4.1 cpl respectively.

Average NYMEX reported pricing:

 

Crude ($/barrel)

Regular Unleaded Gasoline (cpl)

Furnace Oil (cpl)

Diesel (cpl)
Jan 1 - Jan 31 $54.43 44.4 46.8 49.7
Feb 1 - Feb 27 $59.27 50.4 52.2 53.8
Difference $4.84 6.0 5.4 4.1

The Commission’s next scheduled price adjustment will be on March 15, 2007.

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Click here for published prices effective March 1, 2007

 

Posted: 2007/02/28