Scammer
Banned
The price of gas, diesel and furnace oil is up again on P.E.I., despite a recent drop in the price of a barrel of oil.
The Island Regulatory and Appeals commission authorized a one cent per litre increase for all three petroleum products in its mid-month price review.
The increase occurred despite a recent decrease in crude oil prices from more than $100 to about $85 per barrel. Allison MacEwen, a fuel price analyst with IRAC, said the price of refined gas product can take more than a month to reflect the change in crude prices, adding there are other factors at play as well.
"This morning there's a couple of refineries that are shut down for unscheduled maintenance, which has caused a bit of a shortage of product in the Northeastern American seaboard," said MacEwen.
"The Esso and Irving refineries, when they finish their product, they have a choice to sell it here or sell it in the American market. Our pricing has to somehow or another compete with that in order to encourage them to continue to sell it here."
MacEwen said the recent cold temperatures are also playing a role in the price of furnace oil.
Fuel prices
* Regular self-serve gas: 111¢ - 113.1¢
* Diesel: 119.1¢ - 121.2¢
* Furnace oil: 93.9¢
The Island Regulatory and Appeals commission authorized a one cent per litre increase for all three petroleum products in its mid-month price review.
The increase occurred despite a recent decrease in crude oil prices from more than $100 to about $85 per barrel. Allison MacEwen, a fuel price analyst with IRAC, said the price of refined gas product can take more than a month to reflect the change in crude prices, adding there are other factors at play as well.
"This morning there's a couple of refineries that are shut down for unscheduled maintenance, which has caused a bit of a shortage of product in the Northeastern American seaboard," said MacEwen.
"The Esso and Irving refineries, when they finish their product, they have a choice to sell it here or sell it in the American market. Our pricing has to somehow or another compete with that in order to encourage them to continue to sell it here."
MacEwen said the recent cold temperatures are also playing a role in the price of furnace oil.
Fuel prices
* Regular self-serve gas: 111¢ - 113.1¢
* Diesel: 119.1¢ - 121.2¢
* Furnace oil: 93.9¢
