Petroleum pricing - November 11, 2017
The Island Regulatory and Appeals Commission approved the following unscheduled petroleum pricing decision, effective 12:01 a.m., Saturday, November 11, 2017:
- gasoline prices will increase by 4.5 cents per litre (cpl);
- furnace and stove oil prices will increase by 2.5 cpl;
- diesel prices will increase by 2.5 cpl; and
- there will be no change in the price of propane at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 118.9 cpl to 120.1 cpl. Pump prices for diesel will now range from 124.1 cpl to 125.2 cpl.
The maximum price for furnace oil will now amount to 87.2 cpl, plus tax.
Significant increases in the wholesale price of the above referenced petroleum products since the commission’s last adjustment now necessitate the unscheduled price increases announced today. An abnormally high demand for gasoline for this time of year coupled with seasonally related increased consumption for both furnace oil and diesel have contributed to this situation.
Prince Edward Island is not alone in facing such price increases. As of November 10, 2017, escalated gasoline prices were observed all across the country with Ottawa at 123.8 cpl, Toronto at 123.9 cpl, Montreal at 130.1 cpl, Halifax at 119.5 cpl, St. Johns at 134.3 cpl and the national average at 126.1 cpl.
The commission’s next scheduled price adjustment will be on November 15, 2017.
Media contact:
Allison MacEwen
amacewen@irac.pe.ca
Director, Regulatory Services
IRAC