7.3 cpl spike for Superior Propane in effect
Propane prices have taken another jump for one company
Propane prices in P.E.I. have once spiked for one company, while prices have decreased for two other companies.
The Island Regulatory and Appeals commission approved price adjustments that came into effect on Saturday, March 1, 2014.
The announcement saw prices increase by 7.3 cpl for Superior Propane, but decrease by 2.5 cpl for Irving Energy Distribution and Marketing and
by 7.5 cpl for Kenmac Energy Inc.
The last price adjustment on Feb. 15 saw prices increase by 7.8 cents per litre for Irving Energy Distribution and Marketing and by 6.5 cents per litre for Kenmac Energy, while there was no change in price for Superior Propane.
Propane prices have skyrocketed in the past few months, with a shortage of propane in parts of Central Canada leaving suppliers scrambling to find extra fuel. While the Canadian Propane Association has said there is no supply shortage in Canada, statistics from the National Energy Board showed propane inventories were down nearly 30 per cent lower across the country than in the same month last year.
Superior Propane, told The Guardian in January, it expected prices would remain high for the next few months.
“Pricing is influenced by supply and demand factors in North America,’’ the company said in a statement. “The increase in pricing is caused by increased demand due to subzero temperatures and uncharacteristically heavy snowfall that delayed deliveries of propane. Traditionally, prices have softened in the spring when winter heating demand eases. Superior currently expects prices to ease at the end of April or early May.’’
Previous propane price adjustments in 2014
Feb. 1 - Prices increased by 9.3 cents per litre at Superior Propane, by 9.8 cents per litre at Irving Energy Distribution and Marketing and by 15.0 cents per litre at Kenmac Energy Inc.
Jan. 15 - Propane prices increased by 8.0 cents per litre for Superior Propane, Irving Energy Distribution and Marketing and Kenmac Energy Inc.
Jan. 1 - Propane prices increased by 3.7 cents per litre for Superior Propane, by 5.4 cents per litre for Irving Energy Distribution and Marketing and by 6.4 cents per litre for Kenmac Energy Inc.
The March 1 IRAC announcement also saw gas prices increase by 2.6 cents per litre, pushing pump prices to 138.5 to 139.7 cents per litre.
By comparison, the average gas price in Canada, according to Gasbuddy.com, is 131.2 cents per litre and rising. Diesel prices increased by 2.5 cents per litre.
Furnace and stove oil prices increased by 2.0 cents per litre.
IRAC’s next scheduled price adjustment will be on March 15, 2014.