CHARLOTTETOWN, PEI — Islanders are somewhat relieved at the gas pump as the price of fuel oil and diesel has increased.
The Island Regulatory and Appeals Commission (IRAC) has approved the following oil price adjustments, effective 12:01 a.m. on November 11.
Gasoline prices fell by five cents per liter (cpl).
The price of heating oil has increased by 13 cpl.
The price of diesel increased by 19 cpl.
Taxes included, pump prices for regular unleaded gasoline at self-service outlets range from 180.8 to 181.9 cpl while diesel prices range from 297.0 to 298.2 cpl.
The maximum fuel oil price is 209.1 cpl.
In making the adjustment, the IRAC said price adjustments outside of the scheduled weekly adjustment, also known as interruptions, are sometimes necessary to respond to market conditions and ensure that oil prices are fair to consumers and wholesalers-retailers.
As world markets continue to experience intense fluctuations in the price of petroleum products, the commission said it must respond with appropriate price adjustments to maintain fairness for Islanders and a steady supply.
The next price adjustment scheduled by the IRAC is November 18th.