IRAC says fuel prices will remain unchanged

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IRAC issued a news release Tuesday night indicating there will be no change in the price of gas.

The Island Regulatory and Appeals Commission said in a statement that the price for gasoline, diesel, furnace oil, stove oil and propane will remain unchanged.

The statement was issued at  12:01 a.m. Monday.

"Pump prices for regular unleaded gas at self-service outlets will continue to range from 83.9 cpl to 85 cpl, while the maximum for furnace oil will remain at 69.6 cpl," the statement read.

IRAC's next price adjustment will be March 1.

Organizations: Island Regulatory and Appeals Commission

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Recent comments

  • Sceptic
    February 15, 2016 - 22:28

    As long as IRAC continues to deliberate behind closed doors, it remains unaccountable to the public, and must be held in deepest suspicion. Honourable men have no need for secrecy.

  • george
    February 15, 2016 - 11:23

    there crooks they taking all island money they got big jobs not what they no but who they you no what

  • Cromwell
    February 15, 2016 - 08:57

    It would be useful to Islanders for IRAC to provide the details used to determine the price that we will pay for refined petroleum products, i.e. does it rely entirely on current 'spot prices' or is there an inherent knowledge within this august group of the machinations of price backwardation or contago positions? This morning's announcement (likely made before 17:00 on Friday, February 12) indicates no change to any of the prices, yet again fails to reconcile that over the course of the last month, the rack prices for both diesel fuel and heating oil, as posted by Canadian refiners, have decreased, albeit slightly less than that of regular gasoline, without appropriate decreases being provided to consumers. Yet, 'co-incidentally', this mornings announcement of no change in consumer prices was followed, in short order, by an increase on the daily rack price of regular gas of 4 cents/litre by Canadian refiners (no similar change in the US) This would indicate that either IRAC has chosen to maintain status quo, without knowledge of the impending change in rack price, or we can expect an unscheduled increase in the price of regular gas before March 1.

    • The Observer From Stratford
      February 15, 2016 - 13:27

      Stop looking for logic. There isn't any. Recognize that the setting of gas prices on PEI is purely political and totally arbitrary and you'll sleep better.