The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase the prices in their dealer and consumer schedules by 4.9 cents per litre (cpl) on gasoline, 4.7 cpl on diesel, and 5.3 cpl on furnace and stove oil. Effective February 1, 2003 the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 79.1 cpl.
Irving Oil Limited received approval to increase, by 3.5 cpl, and Superior Propane Inc. received approval to increase, by 2.8 cpl, all propane prices contained in their respective propane pricing schedules based on increased product acquisition costs.
The approved increases are the result of recent and substantial increases that have occurred in the costs of gasoline and distillate products on the regional, national and international petroleum markets.
All pricing adjustments become effective at 12:01 a.m. on Saturday, February 1, 2003.
For additional information, contact Allison MacEwen, (902) 892-3501.