PETROLEUM PRICING

Charlottetown, Prince Edward Island, April 1, 2016 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, April 1, 2016:

• Gasoline prices will increase by 6.0 cents per litre (cpl);
• There will be no change in furnace, stove oil or diesel prices; and
• Propane prices will decrease by 2.2 cpl for Superior Propane, by 1.3 cpl for Irving Energy Distribution and Marketing and by 2.5 cpl for Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 97.6 cpl to 98.7 cpl. Maximum before tax propane prices will now range from 66.8 cpl to 69.4 cpl.

The maximum price for furnace oil will continue to amount to 72.7 cpl, plus tax.

Continued escalation in the wholesale price of gasoline now necessitates the pricing adjustment announced today. Today’s adjustment, while significant, serves to bring PEI pump pricing in line with prices observed in our neighboring provinces. Indeed, Charlottetown’s pump price of 97.6 cpl compares favourably with Moncton, New Brunswick @ 97.9 cpl and St. Johns, Newfoundland @ 104.3 cpl.

The Commission's next scheduled price adjustment will be on April 15, 2016.