The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, February 1, 2014:
● Gasoline prices will increase by 4.0 cents per litre (cpl);
● Furnace and stove oil prices will increase by 6.0 cpl;
● Diesel prices will increase by 6.0 cpl; and
● Propane prices will increase by 9.3 cpl for Superior Propane, by 9.8 cpl for Irving Energy Distribution and Marketing and by 15.0 cpl for Kenmac Energy Inc.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 135.5 cpl to 136.7 cpl.
The maximum price for furnace oil will now amount to 119.3 cpl plus tax.
Significantly increased wholesale prices for all petroleum products have been observed since the Commission made its last adjustment on January 15th. Reduced refined product inventories, seasonally increased demand and unscheduled technical and weather related refinery and distribution system interruptions have contributed to the current situation.
The Commission's next scheduled price adjustment will be on February 15, 2014.