GNWT officials are saying Imperial Oil is planning a price reduction in fuel costs in Norman Wells and are thanking the multinational oil giant for its support.

Imperial Oil made the announcement on its Norman Wells Facebook page at 3:35 p.m. on Oct. 21

"Starting Tuesday, the air transportation increase included in ImperialSA国际影视传媒檚 wholesale price in Norman Wells will be reduced and implemented over a longer period," reads the announcement. "The air transportation costs for diesel fuel, or heating oil, will be set at $1.69 per litre, compared to $3.38 per litre.

"This air transportation cost is expected to remain in place until the air transportation costs have been offset, which will be longer than when diesel shipments are being flown. Imperial is closely monitoring the amount of fuel required to be airlifted to the Norman Wells area to prevent run-outs until the winter road season can replenish supplies.

"The wholesale price increase that Imperial has applied is strictly to cover the air transportation costs. There is no Imperial profit margin included on the wholesale price. Imperial does not set prices at the retail level."

The announcement has drawn praise from elected officials on both sides of the legislative assembly.

SA国际影视传媒淚mperial OilSA国际影视传媒檚 immediate price reduction is a positive step, and I appreciate their willingness to help ease the financial burden on residents during this crisis," said Sahtu MLA Danny McNeely. "This measure reflects progress, and I look forward to seeing how it benefits the community in the coming months.

SA国际影视传媒淣orman Wells residents deserve a strong commitment from Imperial Oil that reflects the deep, lasting relationship the company has built with the community over more than 100 years of operation," McNeely added.

Finance Minister Caroline Wawzonek thanked Imperial Oil for the announcement but said that there would be need to be more support to help the community through the winter.

"Imperial OilSA国际影视传媒檚 decision to lower the price of home heating fuel offers immediate relief to residents facing financial pressures," said Wawzonek. "This step reflects a swift response by Imperial Oil to discussions with the GNWT and will help ease short-term financial burdens on residents.

SA国际影视传媒淲hile this price reduction provides some relief, further steps are needed to fully address the economic challenges residents are experiencing," the finance minister continued. "The GNWT will continue to engage with Imperial Oil, fuel and transportation contractors, and the Government of Canada to explore ways to stabilize prices further and minimize the impact on consumers."

Imperial Oil announced in August that its 2024 total global revenue and other income totalled $13.38 billion, up from $11.82 billion in 2023, producing an average 404,000 gross oil-equivalent barrels per day in the second quarter of 2024, up from 363,000 a year earlier.

Historic low water flow in the Mackenzie River Basin has disrupted barge shipments to Sahtu and Beaufort Delta communities.