Apr
13
2017

Petroleum pricing - April 13, 2017

The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Thursday, April 13, 2017:

• Gasoline prices will increase by 4.5 cents per litre (cpl);

• Diesel prices will increase by 2.0 cpl; and

• There will be no change in Furnace Oil, Stove Oil or propane prices at this time.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 112.4 cpl to 113.5 cpl.
The maximum price for furnace oil will continue to amount to 78.4 cpl, plus tax.

Significant increases in the wholesale prices of gasoline and diesel observed since the Commission’s last adjustment date now necessitate the unscheduled price increases announced today. Prince Edward Island is not alone in facing such escalation of petroleum prices and pump prices in this province are currently well below regional and national averages. Indeed, pump prices in Toronto jumped by 6.0 cpl yesterday and now average in excess of 121.0 cpl. For the past week Charlottetown’s self-serve pump price of 107.2 has compared favourably with Halifax at 112.8 cpl, Moncton at 111.9 and the national average of 117.3. Even with today’s adjustment Charlottetown’s pump price of 112.4 cpl is well below national and regional average pricing.

As a result of today’s unscheduled price adjustment there will be no regularly scheduled price adjustments announced on April 15th.

The Commission’s next scheduled price adjustment, therefore, will be on May 1, 2017. Given the significant volatility in petroleum market pricing currently observed, however, the Commission will continue to monitor market pricing on a daily basis to determine if additional adjustments should be necessary prior to its next scheduled adjustment date.

Media contact:
Allison MacEwen
amacewen@irac.pe.ca
Director, Regulatory Services
IRAC
 

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