The Island Regulatory and Appeals Commission approved the following petroleum pricing decision, effective 12:01 a.m., Saturday, April 25, 2015:
- Gasoline prices will increase by 4.0 cents per litre (cpl).
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 109.7 cpl to 110.8 cpl.
Substantial increases in the wholesale price of gasoline observed over the past three weeks now necessitate this unscheduled price adjustment for motor gasoline.
Seasonally related increased demand, additional costs associated with the production of more expensive summer grade gasolines and, to a degree, increased speculative activity in the commodity markets have all contributed to the current wholesale market dynamic. This upward pressure on wholesale prices is anticipated to continue for the foreseeable future.
Prince Edward Island is not alone in facing rising gasoline prices. The regulated price of gasoline in all four Atlantic Canadian provinces and, indeed, across the country has risen substantially over the past few weeks. For comparative purposes, regular self-serve gasoline in Halifax, NS, is currently 112.0 cpl; in Moncton, NB, 109.9 cpl; in New Glasgow, NS, 113.2 cpl; and in Corner Brook, NL, 118.3 cpl; vs Charlottetown at 109.7 cpl.
The Commission's next scheduled price adjustment will be on May 1, 2015.