The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Sunday, February 1, 2015:
· Gasoline prices will increase by 4.5 cents per litre (cpl);
· Furnace and stove oil prices will increase by 3.0 cpl;
· Diesel prices will increase by 2.0 cpl; and
· Propane prices will decrease by 3.3 cpl for Superior Propane, by 3.1 cpl for Irving Energy Distribution and Marketing and there will be no change for Kenmac Energy Inc.
These price changes reflect the impacts of the continued declining value of the Canadian dollar, a temporary reduction of refining capacity for gasoline and seasonal demand driven increases in wholesale prices of petroleum products.
With these changes, pump prices for regular unleaded gasoline at self-service outlets will now range from 93.8 cpl to 95.0 cpl. Maximum furnace oil prices will amount to 83.0 cpl plus tax and maximum before tax propane prices will range from 74.6 cpl to 68.8 cpl.
For information on the Island Regulatory and Appeals Commission and petroleum prices, visit www.irac.pe.ca.
The Commission’s next scheduled price adjustment will be on February 15, 2015.