The Island Regulatory and Appeals Commission has approved a decrease of 2.7 cents per litre in the price of gasoline, which took effect at 12:01am this morning. The price of furnace oil decreased by 3.5 cents per litre, and the price of diesel went down by 3.5 cents per litre. Including taxes, pump prices for regular self-serve gasoline now range from 159.6 to 160.8 cents per litre, and diesel prices are between 158.1 and 159.3 cents per litre. The maximum price for furnace oil is 102.3 cents per litre. Propane prices decrease by 1.0 to 1.4 cents per litre, and now range from 77.2 to 79.6 cents per litre.
Meanwhile, two federal carbon reduction measures come into effect on Saturday, which is July 1st – the Federal Fuel Charge, which will replace the provincial carbon levy, and the Clean Fuel Standards, which requires suppliers to reduce the carbon intensity of their products. For now, IRAC has not approved any increase for Saturday as a result of the Clean Fuel Standards. The earliest impact it woulds have on prices is July 7th. However, the implementation of the Federal Fuel Charge on Saturday will mean an increase in prices. IRAC has approved prices which will take effect at 12:01am Saturday which will see regular self-serve gasoline cost you 163.4 to 164.6 cents per litre. Prices for diesel will range from 162.6 to 163.8 cents per litre and the maximum price for furnace oil will be 120.5 cents per litre.
