Petroleum pricing July 15, 2016

The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, July 15, 2016:

• Gasoline prices will decrease by 1.5 cents per litre (cpl);

• Furnace and stove oil prices will decrease by 2.0 cpl;

• Diesel prices will decrease by 2.6 cpl; and

• There will be no change in propane prices at this time.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 96.9 cpl to 98.0 cpl.
The maximum price for furnace oil will now amount to 69.2 cpl, plus tax.

A significant build in inventory levels coupled with reduced demand has resulted in lowered wholesale pricing for all three petroleum products thus affording the price reductions announced today.

The Commission's next scheduled price adjustment will be on August 1, 2016.
 
Media contact:
Allison MacEwen
amacewen@irac.pe.ca
Director
Regulatory Services
IRAC