PETROLEUM PRICING
 



Charlottetown, Prince Edward Island, November 14, 2007 — The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective November 15, 2007:

  • Gasoline prices will increase by 1.8 cents per litre (cpl);
  • Diesel prices will increase by 1.0 cpl;
  • Furnace fuel and stove oil prices will increase by 2.0 cpl; and
  • There will be no change in propane prices at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 106.1 cpl to 107.7 cpl.

In announcing the price adjustments the Commission indicated that a number of factors necessitate the changes.  Despite day to day fluctuations, the overall trend is upward as the market reflects the significant month over month increases in both crude and refined product prices.  This, coupled with a number of supply related issues and the strong demand for refined products, continues to put upward pressure on prices.  The strength of the Canadian dollar relative to the U.S. dollar has held prices lower by as much as five cents per litre than otherwise would be the case.

The Commission's next scheduled price adjustment will be on December 1, 2007.

 

Background Information

Average Crude Prices:
November 2007 (to date) $95.36 (per barrel)
October 2007 $85.19
September 2007 $79.52
November 2006 $59.41
Self Serve Regular Unleaded Gasoline Prices:
November 15, 2007 106.1 - 107.7 cpl
November 2006   91.6 - 93.2 cpl
Furnace Oil Prices:
November 15, 2007 85.7 cpl
November 2006 66.4 cpl

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Click here for published prices effective November 15, 2007

 

Posted: 2007/11/14