Gas prices down, home heating oil prices up in P.E.I.

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Gas prices

The Island Regulatory and Appeals Commission has mixed news for Island consumers.

Effective 12:01 a.m., Sunday, Dec. 15, 2013 gasoline prices will decrease by 1.0 cent per litre.

However, furnace and stove oil prices will increase by 1.5 cents per litre.

There will be no change in diesel or propane prices at this time.

Pump prices for regular unleaded gasoline at self-serve outlets will now range from 129.5 to 130.6 cents per litre.

The maximum price for furnace oil will now amount to 113.3 cents per litre plus tax.

While some moderation in wholesale gasoline pricing has occurred, the commission says retail furnace oil prices now require additional adjustment due to escalated wholesale pricing observed over the past two weeks.

"During this time the New York Harbour wholesale furnace oil price has risen in order of 2.5 cents per litre," the commission says.

The return to near full production capacity of a number of North American East Coast refineries has served to address previously noted shortages of both gasoline and distillate inventories, the commission added.

"The continued strong export of furnace oil to Europe and South America, however, combined with traditional North American seasonal demand has resulted in a continued upward pressure on the wholesale price of heating oil."

The commission's next scheduled price adjustment will be on Jan. 1, 2014.

 

Organizations: Island Regulatory and Appeals Commission, North American

Geographic location: P.E.I., New York Harbour, North American East Coast Europe South America

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Comments

Comments

Recent comments

  • DL
    December 16, 2013 - 09:17

    It's time for everyone to boycott oil and move to electricity and wood . IRAC is full of garbage with their explanation of the prices.

    • economics 101
      December 16, 2013 - 10:59

      If a store is able to buy 10 packs of chewing gum each week from its wholesaler at $1.00 per pack, then sell it for $1.05 to 10 customers, they make 50 cents profit. If they cannot get ANY more packs of chewing gum from the wholesaler and all of a sudden there are 15 customers wanting those same 10 packs of chewing gum, the store can charge a slightly higher price and they will still get sold. Gas and furnace oil and diesel are no different than lumber, cattle, potatoes, steel, etc. - it is a commodity. They will all sell at the highest price at the time that they are placed for sale. Welcome to the free market.

  • peiguy
    December 16, 2013 - 09:02

    IRAC used to do monthly adjustments, now it feels like its every other week or even more frequently. How is that so different to being subject to market fluctuations? The big difference is that we lose the potential savings that unregulated competition would provide. If they were really adjusting prices at the pump as a stabilizing force for the benefit of islanders they should be able to impact the level of taxation, fees, surcharges. ( whatever the govt is calling the multiple layers of tax on fuel these days) Well Wes, inlight of HSt impact maybe the Govt needs to look at that too.

  • Peter
    December 15, 2013 - 20:55

    why am I not surprised? This is like a restaurant saying "we're lowering the price of french fries, but we have to raise the price of potato peelings". They call them "skins", but they're really just the garbage left over from making french fries, same as furnace oil is the garbage left over from making gasoline. Years ago, there was so much furnace oil they couldn't get rid of it.... the "Oil Furnace" was invented, became became dependant on it, and now we see the oil companies screwin us for it, claiming "It's expensive to make" just as they claimed it cost money to take the lead out of gasoline, when in fact they saved money by not putting the lead in!

  • Joe Blow
    December 15, 2013 - 18:16

    Here is the easist explanation for the home heating fuel price hike. Whichever taxpayers need more, we're going to put that price up so Wes might have a glimmer of hope of balancing the budget. Since it's winter, taxpayers need to keep warm...so we're going to gouge them. Once summer comes, heating oil prices will go way down because there is no demand....and then we'll put the price of gas up so nobody can afford to drive anywhere during the nice weather. Thank you...you're lying crooks at IRAC.

  • Non voter
    December 15, 2013 - 16:15

    Can anyone explain why do we have those goons in IRAC when the price of world oil is dropping. Steadly and other provinces and States are getting cheap oil and gas, IRAC sure is not there for us,kick them and their money Hungry yahoos to the curb,we don't need IRAC they do nothing. To help us,what a joke.

  • Ken Perry
    December 15, 2013 - 15:49

    Did anyone ever go to IRAC's website http://www.irac.pe.ca/document.aspx?file=faq/documents/petrol-pricing-faq.asp and read there long winded ramblings of how they decide when and why to raise and lower fuel prices, I mean come on people this is just a disgrace, It is just a bunch of double talk , Someone has to get to work on developing a rationality and coherent approach to fuel pricing, I mean it is so easy to see what is going on here and it has to be stopped right now.

  • LOUISE SHAW
    December 15, 2013 - 15:12

    I SUGGEST THAT ALL OF IRAC BE FIRED ASAP AND THEIR LOVELY WAGES AND BENEFITS BE USED TO FUND A HEATING OIL FUND FOR THOSE WHO NEED HELP! AND I WOULD SUGGEST THAT THIS GOVERNMENT GET THEIR HEADS OUT OF THE SNOW BANK AND DECLINE THEIR RAISES THAT THEY SURE DO NOT DESERVE TO RECEIVE ACCORDING TO WHAT I'VE WITNESSED SINCE THE LIBERALS CAME TO POWER TO GIVE US POOR ISLANDER'S A HELPING HAND!!! THAT IS WHAT YOU PROMISED IS IT NOT mr ghiz????????????????????????????

    • Screamin' Sally Strikes Again?
      December 15, 2013 - 17:25

      Wow, if I were the premier I'd certainly pay heed to someone who writes in upper case letters with no punctuation aside from a superfluous use of interrogation marks.

  • don
    December 15, 2013 - 14:24

    irac should be renamed. to the oil scam office and tax crab for wes.

  • Chris Coupland
    December 15, 2013 - 12:41

    The most important point of this announcement is missed by most. Furnace oil and diesel are exactly the same product with the exception that one is dyed red. Can someone please explain how one can go up in price and the other go down.

  • Ross Collicutt
    December 15, 2013 - 12:14

    I would like an answer to this question, the price of gas in the U.S. is about 90¢ a liter, here it`s $1.29 a liter, and most of the gas down there comes from here, why? I`m getting sick and tired of being fleeced! I`m sure I`m far from the only one.

  • Confused ????
    December 15, 2013 - 10:31

    Why then doesn't fuel oil drop in the spring ,fall and especially summer months when it is not consumed as much??For years now IRAC has but furnace oil up and up in the summer months!!!If they had been putting it down like they should have then the hits in the winter months would be a little easier to take.A few weeks ago oil was the lowest a barrel in 6 months and yet bang another increase to the consumer.It is getting harder and harder for people to heat there homes when are governments going to wake up?Not everyone is RICH!!!!

  • I want out!
    December 15, 2013 - 10:28

    Anybody want to buy a house? We can no longer afford to heat it!

  • The Observer from Stratford
    December 15, 2013 - 08:59

    Price of Brent crude on Dec. 1 was $111/barrel. Today its about $108. If that is the benchmark on which our gas prices are really based and not just some number picked out of the air, a decrease in all forms of fuel would be in order not just a measly one penny on gas. A lump of coal in IRAC's stocking.

  • Keep on
    December 15, 2013 - 08:53

    "However, furnace and stove oil prices will increase by 1.5 cents per litre." Go ahead. Keep hurting the people who are already hurting. Thank you Liberal govt for screwing islanders one day at a time.

  • Down the Rabbit Hole
    December 15, 2013 - 06:35

    If IRAC stays in business (and it seems to be a direct extension of corporate interests) I may have to seek mental health intervention. Yep, I'm being driven to a place where a person ought not to go, a place of utter confusion and disorientation. In the land of IRAC it appears that there's no rhyme or reason - just a wonderland of come what may! I really think there must be chair people and board members prancing around smoking hookahs and munching on massive mushrooms. Perhaps to justify their very existence, even a queen or two yelling, "The price has risen, the price has risen!" See, I told you I need help . . .

    • Clarity at loss, er . . . lost, ummmm, last?
      December 15, 2013 - 09:55

      I'm very grateful that minister alan mcisaac (small case intentional) forced IRAC to bring clarity to their decisions. I mean, what rational educated voter couldn't understand, " . . . retail furnace oil prices now require additional adjustment due to escalated wholesale pricing observed over the past two weeks."

    • Garth Staples
      December 15, 2013 - 11:31

      When prices go up the cash hungry Liberal Govt garners more revenue. How funny is that?

    • Garth Staples
      December 15, 2013 - 11:32

      When prices go up the cash hungry Liberal Govt garners more revenue. How funny is that?

  • don
    December 15, 2013 - 06:19

    heating oil goes up as we are using more furnace oil now then gas. so it gives wes more tax money to give away. " non pay back loans"

  • Stephen
    December 15, 2013 - 05:59

    OMG!!!! Its a Christmas Miracle.

  • Earl Richards
    December 15, 2013 - 03:16

    To avoid the gasoline price rip-off, plug your Tesla S electric car into your household solar array.

    • The Observer from Stratford
      December 15, 2013 - 12:48

      Isn't that the car that catches fire frequently?