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PETROLEUM PRICING
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Charlottetown, Prince Edward Island, February 21, 2019
—
The Island Regulatory and Appeals Commission approved the following
increases in petroleum prices in an unscheduled price adjustment,
effective 12:01 a.m., Thursday, February 21,2019:
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Gasoline prices will increase by 4.0 cents per litre (cpl);
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Furnace and stove oil prices will increase by 2.3 cpl; and
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Diesel prices will increase by 1.0 cpl.
Including adjustments for taxes, pump prices for regular unleaded
gasoline at self-serve outlets will now range from 104.0 cpl to 105.1
cpl. Pump prices for diesel will now range from 127.4 cpl to 128.6 cpl.
The maximum price for furnace oil is now 95.6 cpl, plus tax.
The price of petroleum on the New York Mercantile Exchange has increased
substantially over the past five days. Reduced supply from two major
refineries in the United States has driven up the price. Gas prices are
up across the country as well. As of February 20th, pump
prices in Moncton were 104.0 cpl, in Halifax at 104.2 cpl, Montreal at
118.5 cpl, Toronto at 109.2 cpl with the national average at 113.1 cpl.
A breakdown of the components of local prices is as follows:
| |
Regular Gas |
Diesel |
|
Furnace Oil |
|
RETAIL PUMP PRICES |
Self-Serve |
|
Benchmark Price |
74.6 |
|
Benchmark Price |
60.2 |
80.5 |
|
+ Retail Margin |
21.0 |
|
+ Wholesale Margin |
5.0 |
5.0 |
|
= Maximum Price |
95.6 |
|
= Base Price |
65.2 |
85.5 |
|
+ Tax (5%) |
4.8 |
|
+ Fed Excise Tax |
10.0 |
4.0 |
|
= Maximum Price (Incl
Tax) |
100.4 |
|
+ Prov Tax |
9.68 |
15.83 |
|
|
|
|
= Wholesale Price |
84.9 |
105.3 |
|
|
|
| |
Min. |
Max. |
Min. |
Max. |
|
|
|
|
+ Retail Margin |
5.5 |
6.5 |
5.5 |
6.5 |
|
|
|
|
+ HST (15%) |
13.6 |
13.7 |
16.6 |
16.8 |
|
|
|
|
= Pump Price |
104.0 |
105.1 |
127.4 |
128.6 |
|
|
|
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Prices in Canadian Cents
per Litre (cpl) |
The Commission’s next scheduled price adjustment will be on
March 1, 2019.
—30—
Click here for published prices effective
February 21, 2019
Posted: 2019/02/21
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