The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase the prices in their dealer and consumer schedules by 4.7 cents per litre (cpl) on gasoline, 9.7 cpl on diesel, and 9.7 cpl on furnace and stove oil. Effective March 1, 2003 the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 84.1 cpl.
Irving Oil Limited received approval to increase, by 7.8 cpl, and Superior Propane Inc. received approval to increase, by 6.8 cpl, all propane prices contained in their respective propane pricing schedules based on increased product acquisition costs.
All pricing adjustments become effective at 12:01 a.m. on Saturday, March 1, 2003.
In announcing the increase, the Commission noted that unprecedented world events coupled with abnormally cold weather in eastern North America have combined to result in record high petroleum industry input costs. In considering price changes, the Commission is required to strike a balance between the interests of the consumer and the need for a viable local petroleum industry.
As a result of the current volatility in world oil markets, the Commission will continue to closely monitor world events and their impact on these markets and may implement further price adjustments prior to April 1, 2003.
For additional information, contact: Allison MacEwen, (902) 892-3501.