PETROLEUM PRICING

Charlottetown, Prince Edward Island, February 1, 2017 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, February 1, 2017:

• Gasoline prices will decrease by 4.8 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 1.0 cpl;
• Diesel prices will decrease by 1.5 cpl; and
• Propane prices will increase by 4.5 cents per litre (cpl) for Superior Propane, by 3.9 cpl for Irving Energy Distribution and Marketing and by 3.6 cpl for Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 105.5 cpl to 106.6 cpl. Maximum before tax propane prices will now range from 80.2 cpl to 81.0 cpl.

The maximum price for furnace oil will now amount to 79.4 cpl, plus tax.

Favourable trending of wholesale rack pricing for gasoline, furnace oil and diesel over the past two weeks now affords the price reductions announced today. Increased demand and reduced inventory levels of propane, however, have produced the opposite effect resulting in the increases announced for this product.

The Commission's next scheduled price adjustment will be on February 15, 2017.

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