Weekly Fuel Price Adjustments are coming!
After an unscheduled price adjustment last week, the Island Regulatroy & Appeals Commission (IRAC) has declined to change prices for gas, furnace oil or diesel.
Propane prices will decrease by 0.6 cpl for Irving Energy Distribution and Marketing; increase by 0.5 cpl for Kenmac Energy; by 0.8 cpl for Island Petroleum; by 0.5 cpl for Noonan Petroleum, and there will be no change for Superior Propane.
Maximum before tax propane prices will now range from 69.5cpl to 71.2 cpl.
IRAC moves to weekly schedule
As a result of recent price volatility in petroleum products caused by market fluctuations beyond normal, the Island Regulatory and Appeals Commission has decided to move to weekly pricing for the next two months.
Beginning Friday, August 9, 2019, price adjustments on gas, diesel, and furnace oil will take effect at 12:01 a.m. every Friday. Propane prices will be set every second Friday, starting August 16th.
The Commission expects that moving to weekly pricing will provide a price to consumers and the industry that more accurately reflects the market price of the product. In the past year, commodity prices on the New York Mercantile Exchange have experienced wide fluctuations causing large swings in the wholesale price of petroleum in Atlantic Canada.
The Commission intends to avoid unscheduled price adjustments with weekly pricing and, in doing so, provide more price certainty to consumers and retailers. In the past four months, seven unscheduled price adjustments occurred as a result of market volatility. In 2019, the price of gas has fluctuated from a low of 99.1 cents per litre in January to a high of 134.6 cpl in April.
The other Atlantic Provinces set petroleum prices on a weekly basis.
PEI – 121.0 cpl to 122.1 cpl
Moncton – 122.3
Halifax – 117.2
Montreal – 130.5
Ottawa – 120.4
Toronto – 122.1
Calgary – 104.3
Vancouver – 142.6