PETROLEUM PRICING



Charlottetown, Prince Edward Island, April 13, 2019 The Island Regulatory and Appeals Commission approved the following petroleum prices effective 12:01 a.m., Saturday, April 13, 2019:

  • Gasoline prices will increase by 4.7 cents per litre (cpl);

  • Furnace and stove oil prices will increase by 2.4 cpl; and

  • Diesel prices will increase by 1.7 cpl.

Including taxes,pump prices for regular unleaded gasoline at self-serve outlets will now range from 128.8 cpl to 130.0 cpl. Pump prices for self-serve diesel will now range from 134.4 cpl to 135.6 cpl and the maximum price for furnace oil will now be 102.4 cpl including HST of 5%.

Significant increases in the price of crude, increased demand, and reduced inventory levels are causing a continuing rise in petroleum prices. Crude prices have risen 40% since December and 5% in the past two weeks. Demand for gas is up almost 6% above last year’s levels, while inventories have dropped more than 2%. Gas analysts are predicting consumers will be paying higher prices into the summer. 

As of April 12th, pump prices in the region show Moncton at 131.6 cpl, Halifax at 129.1, Fredericton at 131.7, and the national average at 131.3 cpl.

The Commission determined that the regularly scheduled mid-month adjustment go into effect Saturday, April 13th because of the significant escalation in the daily market price of petroleum. Price adjustments for propane will be announced Monday, April 15th.

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

  Regular Gas Diesel   Furnace Oil
RETAIL PUMP PRICES

Self-Serve

  Benchmark Price 76.5
Benchmark Price 77.4 81.2   + Retail Margin 21.0
+ Wholesale Margin 5.0 5.0   = Maximum Price 97.5
= Base Price 82.4 86.2   + Tax (5%) 4.9
+ Fed Excise Tax 10.0 4.0   = Maximum Price (Incl Tax) 102.4
+ Prov Tax 9.68 15.83      
+  Carbon Levy 4.42 5.37  
= Wholesale Price 106.5 111.4      
  Min. Max. Min. Max.      
+ Retail Margin 5.5 6.5 5.5 6.5      
+ HST (15%) 16.8 17.0 17.5 17.7      
= Pump Price 128.8 130.0 134.4 135.6      
Prices in Canadian Cents per Litre (cpl)

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

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Click here for published prices effective April 13, 2019

Posted: 2019/04/13