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Heating fuel jumps over four cents per litre

Published on February 15, 2013; Published on February 15, 2013

Topics :: Regulatory and Appeals Commission

A day after thousands of Islanders were filled with warm fuzzy feelings from flowers and candy on St. Valentine’s Day, the Island Regulatory and Appeals Commission approved a chilling increase in home heating fuel.

In petroleum pricing decisions, effective 12:01 a.m., Friday, Feb. 15, furnace and stove oil prices increased by 4.1 cents per litre (cpl).

Diesel prices also increased by 4.1 cpl while gasoline prices increased by cpl.

There was no change in propane prices.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets now ranges from 128.3 cpl to 129.4 cpl.

The maximum price for furnace oil will now be 114.4 cpl plus GST.

IRAC said increases in the wholesale price of all petroleum products over the past two weeks necessitated the price adjustments.

The commission's next scheduled price adjustment will be on March 1.

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Comments

Bill Kays

- February 16, 2013 at 11:50:26

Why does the Canadian Government allow speculation on oil prices? Speculative trading (which effectively is gambling with the prices) should not be permitted in any of the staples of life. This is where government has failed to protect us. Government used to be for the liberty of the individual, now it is more power for the government and less freedom for the individual.

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WHY NOT

- February 16, 2013 at 08:45:07

My last fill up was 23 Jan at $1.02 now 22 days later it is $1.14. Doesn't anyone find it strange (except IRAC and the Government of course) that the price of oil have remained stable or dropped during this period yet here we are paying more to the oil companies and more taxes to the Government. Why would anyone want to come here, even for a visit.

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Rose Hicken

- February 15, 2013 at 13:03:10

This is getting ridiculous. Why doesn't the government do something to stop this? How are people on fixed incomes or minimum wage suppose to pay for heat? I'm disgusted with their greed and that is what it is....pure greed.

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