The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, March 1, 2014:
● Gasoline prices will increase by 2.6 cents per litre (cpl);
● Furnace and stove oil prices will increase by 2.0 cpl;
● Diesel prices will increase by 2.5 cpl; and
● Propane prices will increase by 7.3 cpl for Superior Propane, but decrease by 2.5 cpl for Irving Energy Distribution and Marketing and by 7.5 cpl for Kenmac Energy Inc.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 138.5 cpl to 139.7 cpl. Maximum before tax propane prices will now range from 115.4 cpl to 118.5 cpl.
The maximum price for furnace oil will now amount to 121.3 cpl plus tax.
Continued escalation of wholesale rack prices for gasoline, furnace oil and diesel necessitate the price adjustments announced today.
The Commission's next scheduled price adjustment will be on March 15, 2014.