PETROLEUM PRICING


Charlottetown, Prince Edward Island, March 15, 2019 — The Island Regulatory and Appeals Commission approved the following petroleum prices effective 12:01 a.m., Friday, March 15, 2019:

  • Gasoline prices will increase by 6.0 cents per litre (cpl);

  • Furnace and stove oil prices will increase by 1.0 cpl;

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

  • Propane prices will decrease by 1.1 cpl for Irving Energy Distribution and Marketing, by 0.9 cpl for Superior Propane and by 1.4 cpl for Kenmac Energy Inc.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 114.8 cpl to 115.9 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 78.9 cpl to 80.4 cpl. and the maximum price for furnace oil will now be 99.8 cpl including HST of 5%.

The wholesale price of gas has been rising steadily on the New York Mercantile Exchange over the past two weeks due to strong demand and reduced inventories. As a result, gas prices are up all across Canada. As of March 14th, pump prices in Moncton were 116.0 cpl, Montreal is 125.8, Toronto is 115.0 cpl and the national average is 121.6 cpl.

The Commission wishes to inform consumers that on the next regular price setting on April 1, the carbon levy of 4 cpl for gas will be added to the price.

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

  Regular Gas Diesel   Furnace Oil
RETAIL PUMP PRICES

Self-Serve

   Benchmark Price 74.1
Benchmark Price 69.6 80.5   + Retail Margin 21.0
+ Wholesale Margin 5.0 5.0   = Maximum Price 95.1
= Base Price 74.6 85.5   + Tax (5%) 4.7
+ Fed Excise Tax 10.0 4.0   = Maximum Price (Incl Tax) 99.8
+ Prov Tax 9.68 15.83      
= Wholesale Price 94.3 105.3      
  Min. Max. Min. Max.      
+ Retail Margin 5.5 6.5 5.5 6.5      
+ HST (15%) 15.0 15.1 16.6 16.8      
= Pump Price 114.8 115.9 127.4 128.6      
Prices in Canadian Cents per Litre (cpl)

The Commission’s next scheduled price adjustment will be on April 1, 2019.

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Click here for published prices effective March 15, 2019

Posted: 2019/03/15