The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, May 28, 2016:
• Gasoline prices will increase by 2.7 cents per litre (cpl);
• Furnace and stove oil prices will increase by 3.5 cpl;
• Diesel prices will increase by 3.5 cpl; and
• There will be no change in propane prices at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 106.4 cpl to 107.5 cpl.
The maximum price for furnace oil will now amount to 71.2 cpl plus tax.
Significant increases in the wholesale price of all three petroleum products observed since the Commission’s last adjustment now necessitate the unscheduled price increases announced today.
Prince Edward Island is not alone in facing escalated petroleum costs as of late as similar increases have been observed right across the country and largely due to increased demand and restricted supply. Notwithstanding, Prince Edward Island prices continue to compare favourably with other jurisdictions.
Including this most recent adjustment gasoline pump prices in Charlottetown now stand at 106.4 cpl as compared to 109.7 in Halifax, 107.5 cpl in Moncton and 114.2 cpl in St. John’s.
The Commission's next scheduled price adjustment will be on June 1, 2016.