Petroleum pricing December 1, 2016
The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Thursday, December 1, 2016:
• Gasoline prices will increase by 2.6 cents per litre (cpl);
• There will be no change in the price of Furnace Oil, Stove Oil or Diesel; and
• Propane prices will increase by 0.5 cpl for Superior Propane and there will be no change for Irving Energy Distribution and Marketing and Kenmac Energy Inc.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 102.9 cpl to 104.1 cpl. Maximum before tax propane prices will now range from 73.3 cpl to 74.4 cpl.
The maximum price for furnace oil will continue to amount to 78.9 cpl, plus tax.
Increases in the wholesale price of gasoline as of late necessitate the pricing adjustment announced today.
The Commission notes that as a result of decisions made today on the part of OPEC member nations, wholesale prices of crude, gasoline and furnace oil have risen dramatically. While it is anticipated that this impact will be of a temporary nature, should it be sustained for any significant period, the Commission may need to adjust prices prior to its next regularly scheduled adjustment date of December 15th.