CHARLOTTETOWN, P.E.I. – After months of price cuts, the Island Regulatory and Appeals Commission has approved increases for petroleum products starting at 12:01 pm on Friday.
Gasoline prices will increase by three cents per liter (cpl); Oven and stove oil prices will increase by 4.2 bhp; and diesel prices will increase by 5.1 cpl. There will be no change in propane prices at this time.
Including tax adjustments, prices for regular unleaded gasoline at self-service stores now range from 99.1 cpl to 100.3 cpl.
Pump prices for diesel now range from 120.5 cpl to 121.7 cpl.
The pre-tax maximum propane price will continue to range from 78.3 cpl to 79.0 cpl.
The maximum price for furnace oil will now be 88.6 cpl, plus taxes.
"Significant increases in commodity prices for gasoline, furnace oil and diesel on the New York Harbor Exchange since January 1 have resulted in higher rack prices," the regulator said. "Wholesale price increases are occurring in other parts of the region. Pump prices for diesel in New Brunswick, for example, rose 5.2 cpl on Thursday. "
The Commission states that its pricing model determines the need for such price adjustments to meet wholesale margins.