After surprising Islanders over the Canada Day weekend with an unscheduled price increase to gas, diesel and home heating oil, the Island Regulatory and Appeals Commission has given residents a bit of a break on propane today.
As of 12:01 a.m. Monday, July 1, propane prices decreased by 1.5 cents per litre for Irving Energy Distribution; 1.1 cpl for Superior Propane; by 0.4 cpl for Island Petroleum. However, the price crept up by half a cent per litre for Kenmac Energy Inc. propane.
The maximum, before-tax propane prices now range from 69.1 to 70.6 cpl.
On Saturday, the commission announced a surprise seven-cent increase on gas; a five-cent increase on diesel; and a four-cent increase on home heating oil. It cited a significant rise in petroleum prices on the New York Mercantile Exchange, high demand and limited supplies caused by a refinery closure in the U.S. for those increases.
The commission’s next scheduled price adjustment will be July 15.