PETROLEUM PRICING


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

  • Gasoline prices will decrease by 4.5 cents per litre (cpl);

  • Furnace oil prices will decrease by 1.0 cpl;

  • Diesel prices will decrease by 1.4 cpl; and

  • Propane prices will decrease by 1.5 cents per litre (cpl) for Superior Propane, by 1.9 cpl for Kenmac Energy Inc. and by 1.4 cpl for Irving Energy Distribution and Marketing.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 125.9 cpl to 127.1 cpl. Pump prices for diesel will now range from 134.6 cpl to 135.7 cpl. Maximum before tax propane prices will now range from 72.9 cpl to 74.3 cpl. The maximum price for furnace oil including HST of 5% is now 104.5 cpl.

This reduction is a result of a drop in the market price of petroleum on the New York Mercantile Exchange over the past two weeks. Supplies are up with an increase in refining capacity in the U.S. As of May 14th, a sample of Canadian pump prices shows Moncton at 129.5 cpl, Halifax at 123.9, Montreal at 137.1 cpl, and the national average is 133.8 cpl.

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

  Regular Gas Diesel   Furnace Oil
RETAIL PUMP PRICES

Self-Serve

   Benchmark Price 78.5
Benchmark Price 74.9 81.3   + Retail Margin 21.0
+ Wholesale Margin 5.0 5.0   = Maximum Price 99.5
= Base Price 79.9 86.3   + Tax (5%) 5.0
+ Fed Excise Tax 10.0 4.0   = Maximum Price (Incl Tax) 104.5
+ Prov Tax 9.68 15.83      
+  Carbon Levy 4.42 5.37  
= Wholesale Price 104.0 111.5      
  Min. Max. Min. Max.      
+ Retail Margin 5.5 6.5 5.5 6.5      
+ HST (15%) 16.4 16.6 17.6 17.7      
= Pump Price 125.9 127.1 134.6 135.7      
Prices in Canadian Cents per Litre (cpl)

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

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Click here for published prices effective May 15, 2019

Posted: 2019/05/15