Petroleum Pricing - January 26, 2018
The Island Regulatory and Appeals Commission approved the following unscheduled petroleum pricing decision, effective 12:01 a.m., Friday, January 26, 2018:
- Gasoline prices will increase by 4.0 cents per litre (cpl);
- There will be no change in the price of furnace oil, stove oil, diesel or propane at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 119.1 cpl to 120.3 cpl. Pump prices for diesel will continue to range from 127.9 cpl to 129.0 cpl.
The maximum price for furnace oil will continue at 90.5 cpl, plus tax.
Significant increases in the wholesale price of gasoline since the Commission’s last adjustment now necessitate the unscheduled price increase announced today. An abnormally high demand for gasoline for this time of year coupled with a reduction in inventory has contributed to this situation.
Prince Edward Island is not alone in facing such price increases. As of January 24th, escalated gasoline prices were observed all across the country with Ottawa at 126.3 cpl, Toronto at 126.6 cpl, Montreal at 133.4 cpl, Vancouver at 143.3 cpl and the national average at 126.7 cpl.
The Commission’s next scheduled price adjustment will be on February 1, 2018.