The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Monday, June 1, 2015:
• Gasoline prices will increase by 2.5 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 1.7 (cpl);
• Diesel prices will decrease by 2.0 cpl; and
• Propane prices will decrease by 2.2 cpl for Superior Propane, by 1.9 cpl for Irving Energy Distribution and Marketing and by 2.7 cpl for Kenmac Energy Inc.
Pump prices for regular unleaded gasoline at self-serve outlets will now range from 116.7 cpl to 117.9 cpl. Maximum before tax propane prices will now range from 64.0 cpl to 66.8 cpl.
The maximum price for furnace oil will now amount to 83.7 cpl, plus tax.
More favourable inventory levels for distillate products as of late have served to reduce wholesale rack pricing for both furnace oil and diesel thus affording the price adjustments announced today. Seasonal demand and heightened speculative activity, however, have dramatically impacted wholesale gasoline pricing in recent weeks and now necessitate an upward adjustment in price.
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 117.5 cpl; in Moncton, NB, 116.7 cpl; in New Glasgow, NS, 118.7 cpl; and in Corner Brook, NL, 124.2 cpl; vs Charlottetown at 116.7 cpl. The national average pump price is now 117.4 cpl.
The Commission's next scheduled price adjustment will be on June 15, 2015.