PETROLEUM PRICING


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

  • Gasoline prices will decrease by 2.3 cents per litre (cpl);

  • Furnace prices will decrease by 3.0 cpl;

  • Diesel prices will decrease by 4.0 cpl; and

  • Propane prices will decrease by 1.5 cpl for Superior Propane, by 1.0 cpl for Kenmac Energy Inc., by 0.9 cpl for Island Petroleum and there will be no change for Irving Energy Distribution and Marketing.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will range from 123.3 cpl to 124.4 cpl. Pump prices for self-serve diesel will range from 130.0 cpl to 131.1 cpl. Including taxes, the maximum price for furnace oil is 101.3. Maximum before tax propane prices will range from 72.7 to 72.9 cpl.

Increased refining capacity in the US has stabilized market prices of petroleum with prices decreasing on the New York Mercantile Exchange.

As of May 31, the national average price of gasoline was 130.8 cpl.  Pump prices were 125.3 cpl in Moncton, 119.3 cpl in Halifax, and 136.2 cpl in Montreal.

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

  Regular Gas Diesel   Furnace Oil
RETAIL PUMP PRICES

Self-Serve

   Benchmark Price 75.5
Benchmark Price 72.6 77.3   + Retail Margin 21.0
+ Wholesale Margin 5.0 5.0   = Maximum Price 96.5
= Base Price 77.6 82.3   + Tax (5%) 4.8
+ Fed Excise Tax 10.0 4.0   = Maximum Price (Incl Tax) 101.3
+ Prov Tax 9.68 15.83      
+  Carbon Levy 4.42 5.37  
= Wholesale Price 101.7 107.5      
  Min. Max. Min. Max.      
+ Retail Margin 5.5 6.5 5.5 6.5      
+ HST (15%) 16.1 16.2 17.0 17.1      
= Pump Price 123.3 124.4 130.0 131.1      
Prices in Canadian Cents per Litre (cpl)

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

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Click here for published prices effective June 01, 2019

Posted: 2019/06/01