Petroleum pricing - January 1, 2018

The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Monday, January 1, 2018:

• gasoline prices will increase by 4.0 cents per litre (cpl);
• furnace and stove oil prices will increase by 3.3 cpl;
• diesel prices will increase by 3.3 cpl; and
• propane prices will increase by 1.6 cents per litre (cpl) for Superior Propane, by 1.0 cpl for Irving Energy Distribution and Marketing and by 1.5 cpl for Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 114.5 cpl to 115.7 cpl. Maximum before tax propane prices will now range from 86.1 cpl to 86.5 cpl. The maximum price for furnace oil will now amount to 90.5 cpl, plus tax.

The cold weather coupled with the busy holiday season has resulted in an increase in demand and a rise in wholesale prices since the commission’s last adjustment thus necessitating the price increases announced today. Prince Edward Island is not alone in facing such price increases. Gasoline prices, for instance, have been climbing all across the country in recent weeks. As at December 29, pump prices were 114.4 cpl in Halifax, 125.2 cpl in Montreal, 122.7 cpl in Ottawa and 123.0 cpl in Toronto.

The commission's next scheduled price adjustment will be on January 15, 2018.

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