The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, March 23, 2018:
- Gasoline prices will increase by 3.9 cents per litre (cpl);
- Diesel prices will increase by 2.9 cpl; and
- There will be no change in the price of furnace oil, stove oil or propane at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 119.4 cpl to 120.5 cpl. Pump prices for diesel will now range from 129.5 cpl to 130.6 cpl.
The maximum price for furnace oil will continue at 89.3 cpl, plus tax.
Significant increases in the wholesale price of gasoline since the Commission’s last adjustment now necessitate the unscheduled price increase announced today. An abnormally high demand for gasoline for this time of year coupled with a reduction in inventory has contributed to this situation.
Prince Edward Island is not alone in facing such price increases. As of March 22nd, escalated gasoline prices were observed all across the country with Ottawa at 127.0 cpl, Montreal at 134.9 cpl, Vancouver at 154.6 cpl and the national average at 128.6 cpl.
The Commission’s next scheduled price adjustment will be on April 1, 2018.