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CHARLOTTETOWN, P.E.I. – After months of price decreases, the Island Regulatory and Appeals Commission approved increases for petroleum products as of 12:01 a.m. Friday.
Gasoline prices will increase by three cents per litre (cpl); furnace oil and stove oil prices will increase by 4.2 cpl; and diesel prices will increase by 5.1 cpl. There will be no change in propane prices at this time.
Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 99.1 cpl to 100.3 cpl.
Pump prices for diesel will now range from 120.5 cpl to 121.7 cpl.
Maximum before tax propane prices 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 tax.
“Significant increases in the commodity prices for gasoline, furnace oil and diesel on the New York Harbour Exchange since Jan. 1 have resulted in higher wholesale rack prices,” said the regulatory body. “Wholesale price increases are occurring elsewhere in the region. Pump prices for diesel in New Brunswick, for instance, rose by 5.2 cpl on Thursday.”
The commission says its pricing model dictates the need for this pricing adjustment to meet the target wholesale margins.