PETROLEUM PRICING


Charlottetown, Prince Edward Island, March 1, 2019 — The Island Regulatory and Appeals Commission approved the following petroleum prices, effective 12:01 a.m., Friday, March 1, 2019:

  • Gasoline prices will increase by 3.4 cents per litre (cpl);

  • Furnace and stove oil prices will decrease by 1.5 cpl;

  • There will be no change in the price of diesel; and

  • Propane prices will increase by 0.2 cpl for Irving Energy Distribution and Marketing, by 0.6 cpl for Superior Propane and by 1.8 cpl for Kenmac Energy Inc.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 107.9 cpl to 109.0 cpl. Pump prices for self-serve diesel will continue to range from 127.4 cpl to 128.6 cpl. Maximum before tax propane prices will now range from 80.0 cpl to 81.3 cpl. And the maximum price for furnace oil is now 98.8 including HST of 5%.

The price of gasoline continues to rise on the New York Mercantile Exchange as a result of reduced refining capacity and low inventory levels. Prices are also increasing across the country. As of February 28th pump prices were 110.4 cpl in Moncton, 110.3 cpl in Halifax, 117.7 cpl in Montreal, with the national average recorded at 112.6 cpl

A breakdown of the components of local prices is as follows:

  Regular Gas Diesel   Furnace Oil
RETAIL PUMP PRICES

Self-Serve

   Benchmark Price 73.1
Benchmark Price 63.6 80.5   + Retail Margin 21.0
+ Wholesale Margin 5.0 5.0   = Maximum Price 94.1
= Base Price 68.6 85.5   + Tax (5%) 4.7
+ Fed Excise Tax 10.0 4.0   = Maximum Price (Incl Tax) 98.8
+ Prov Tax 9.68 15.83      
= Wholesale Price 88.3 105.3      
  Min. Max. Min. Max.      
+ Retail Margin 5.5 6.5 5.5 6.5      
+ HST (15%) 14.1 14.2 16.6 16.8      
= Pump Price 107.9 109.0 127.4 128.6      
Prices in Canadian Cents per Litre (cpl)

The Commission’s next scheduled price adjustment will be on March 15, 2019.

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Click here for published prices effective March 1, 2019

Posted: 2019/03/01