Nice, but waiting for the other shoe to drop...

In a surprise early announcement, P.E.I.'s regulatory agency has lowered the price of petroleum products several days in advance of the normal end-of-month price adjustment.

Gas prices will fall 3.3 cents per litre at midnight Friday night. Furnace oil will go down by four cents, and diesel by five cents. Propane prices, however, are on the rise: three cents per litre at Superior Propane and 1.9 cents per litre at Irving.

The Island Regulatory and Appeals Commission said in a news release that sustained improvements in NYMEX spot market prices over the past week support a reduction in local petroleum product prices, and it opted to implement those before its regularly scheduled adjustment, on Tuesday.

IRAC cited several factors that led to lower prices:

• The announcement of additional OPEC crude production.
• Lower consumption in North America.
• Reduction of fuel subsidies in Indonesia, India and China.
• Favourable U.S. Department of Energy reported inventory levels.

Full story: http://www.cbc.ca/canada/prince-edward-island/story/2008/06/26/gas-down.html

This announcement doesn't really affect me, for I had just filled the tank at the higher rate around 2 days prior. Aaaand, by the time they make the next adjustment (which will likely be 3.3 cents to cover this 'decrease', plus another 3-4 cents for good measure), it will be at its steady climb as always. I hate to be the pessimist, but....