Petroleum pricing August 23, 2016

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The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Tuesday, August 23, 2016:

• Gasoline prices will increase by 2.6 cents per litre (cpl);

• Furnace and stove oil prices will increase by 3.5 cpl;

• Diesel prices will increase by 3.5 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 99.9 cpl to 101.0 cpl.

The maximum price for furnace oil will now amount to 70.2 cpl, plus tax.

Significant increases in the wholesale prices of all three petroleum products observed since the Commission’s last adjustment date now necessitate the increases announced today. Flood related refinery production interruptions combined with increased demand have impacted market conditions as of late exerting upward pressure on wholesale pricing.

The Commission’s next scheduled price adjustment will be on September 1, 2016.

Media contact:
Allison MacEwen
Regulatory Services

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