Petroleum pricing September 1, 2017
The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, September 1, 2017:
- gasoline prices will increase by 4.0 cents per litre (cpl);
- there will be no change in the price of Furnace, Stove Oil or Diesel; and
- propane prices will increase by 4.5 cents per litre (cpl) for Superior Propane, by 3.6 cpl for Irving Energy Distribution and Marketing and by 3.5 cpl for Kenmac Energy Inc.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 111.4 cpl to 112.6 cpl. Maximum before tax propane prices will now range from 73.8 cpl to 74.8 cpl. The maximum price for furnace oil will continue to amount to 72.3 cpl, plus tax.
The effects of Hurricane Harvey have resulted in a reduction in the supply of gasoline. As a result, the wholesale trading price of gasoline has jumped significantly necessitating the pricing adjustment announced today. Due to the uncertainty surrounding when refineries will be able start producing gasoline again it is expected that there will continue to be volatility in the price of gasoline on the commodity markets. The Commission will be closely monitoring this situation and will be meeting again in one week to review prices.