CHARLOTTETOWN- The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, Jan. 1.
Gasoline prices will increase by 3.5 cents per litre (cpl);
Furnace and stove oil prices will increase by 2.0 cpl; Diesel prices will increase by 2.0 cpl; and propane prices will increase by 3.7 cpl for Superior Propane, by 5.4 cpl for Irving Energy Distribution and Marketing and by 6.4 cpl for Kenmac Energy Inc.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 133.5 cpl to 134.6 cpl.
The maximum price for furnace oil will now amount to 115.3 cpl plus tax.
Significantly increased wholesale prices for all petroleum products have been observed since the Commission made its last adjustment on Dec. 15. For example, the wholesale rack price for gasoline has increased in excess of 5.0 cpl over this period. Reduced inventories, seasonally increased demand and unscheduled technical and weather
related refinery interruptions have contributed to the current situation.
The Commission's next scheduled price adjustment will be on Jan. 15.