Order No. P.980224-4
IN THE MATTER of the Petroleum Products Act, R.S.P.E.I. 1988, Cap P-5.1
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IN THE MATTER of an application filed under Section 32 of the Petroleum Products Act, supra, by IRVING OIL LIMITED for decreases of 2.8 cents per litre in the prices of all products contained in its dealer and posted consumer tank truck pricing schedules based on decreased crude oil costs.
Tuesday, the 24th day of February, A.D., 1998
BEFORE
Wayne D. Cheverie, Q.C., Chair
Ginger Breedon, Vice-Chair
Debbie MacLellan, Commissioner
Decision and Order
On 16 February 1998, Ms. Kelli Lester, Pricing Representative for Irving Oil Limited ("Irving"), filed with the Commission an application of the same date under Section 32 of the Petroleum Products Act requesting approval for a decrease of 2.8 cents per litre in all product prices contained in its dealer and posted consumer tank truck pricing schedules, based on average crude oil costs for the two-month period of December’97/January’98. The Applicant was advised of an error on Appendix B and a corrected copy was filed on 16 February 1998.
This application and others were reviewed this date by the Commission with respect to the supporting documentation filed and the Commission’s monitoring of the average cost of Brent marker crude for the December’97/January’98 period.
Following this consideration, the Commission accepted the calculations supplied by the Applicant, and determined that it would be just and reasonable to decrease Irving’s dealer and posted consumer prices by 2.8 cents per litre, effective 12:01 a.m., 1 March 1998, and ordered these decreases based on the crude oil cost component of pricing, in accordance with the attached Order.
THE COMMISSION HEREBY ORDERS AS FOLLOWS:
1. THAT the following wholesale tank truck prices are to be charged dealers in Prince Edward Island supplied by Irving Oil Limited, effective 12:01 a.m. on Sunday, 1 March 1998:
PRODUCT
CENTS PER LITRE
(INCLUDING Federal Excise
and Provincial Taxes)Regular Unleaded Gasoline 47.7
Mid-Grade Unleaded Gasoline 49.7 Premium Unleaded Gasoline 51.6 Low Sulphur Diesel 48.4 2. THAT the following wholesale posted consumer tank truck prices (which prices do not include Provincial tax or seven per cent G.S.T.) shall be in effect in the Province of Prince Edward Island for the wholesaler Irving Oil Limited, effective 12:01 a.m. on Sunday, 1 March 1998:
PRODUCT
CENTS PER LITRE
(INCLUDING Federal
Excise Tax)Regular Unleaded Gasoline 45.0
Mid-Grade Unleaded Gasoline 45.5 Premium Unleaded Gasoline 46.1 Diesel 37.0 Low Sulphur Diesel 38.0 Stove Oil 34.1 Furnace Oil 31.9 3. THAT the above dealer prices, with seven per cent G.S.T. added, and the above posted consumer prices, with Provincial Tax (where applicable) and seven per cent G.S.T. added, shall be indicated on all documents accompanying deliveries of these products.
4. THAT the prices quoted in this Order, with adjustments resulting from tax changes only, shall remain in effect until otherwise ordered by the Commission.
DATED at CHARLOTTETOWN this 24th day of FEBRUARY, A.D., 1998.
BY THE COMMISSION:
Chair
Vice-Chair
Commissioner