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IRAC approves two-cent price hike for furnace, stove oil

['Joe Gibbons/The Telegram<br />Operator Max Hayes delivers heating oil to a business on Water Street in downtown St. John’s Thursday.']

Islanders using oil heat to warm up this October have been hit with three price hikes in a row — the latest a two-cent increase as of 12:01 a.m. Oct. 15.

Furnace and stove oil prices, as well as the price for diesel, were all raised by 2.0 cents per litre after the Island Regulatory and Appeals Commission’s regularly scheduled mid-month petroleum adjustment overnight.

Home heating oil had previously been raised by four cents per litre in an unscheduled price increase Oct. 6, and by 1.5 cpl on the first-of-the-month adjustment Oct. 1.

The maximum price for furnace oil will now amount to 104.6 cpl, plus tax.

The cost of diesel has also gone up during each of those IRAC adjustments. Pump prices for diesel now range from 145.9 to 147.1 cpl.

“The rise in the prices of both furnace oil and diesel is a result of the escalation in the wholesale market prices due to increased seasonal demand for these fuels,” stated IRAC.

Propane prices, meanwhile, decreased by 0.2 cents per litre for Superior Propane, but increased by 0.5 cpl for Irving Energy Distribution and Marketing. No change was announced for Kenmac Energy Inc.

Gas prices are also unchanged. They continue to range from 126.6 to 127.8 cpl for regular, unleaded gas at self-serve outlets.

The commission’s next scheduled price adjustment will be on Nov. 1.

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