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NLIS 1
January 2, 2001
(Mines and Energy)

 

Gas price comparison with Prince Edward Island

Mines and Energy Minister Paul Dicks today released figures comparing gas prices in Newfoundland and Labrador with those in Prince Edward Island (PEI). PEI is currently the only province in Canada that has a regulatory system in place for petroleum products.

Mr. Dicks stated that the Island Regulatory and Appeals Commission (IRAC) in PEI recently approved a price increase of 2.5 cents per litre (cpl) on petroleum products, this increase at a time when gas prices are dropping elsewhere in Canada.

With taxes excluded, the price of self serve regular unleaded gasoline in Charlottetown, PEI is 51.2 cpl compared with 43.8 cpl in St. John�s, a difference of 7.4 cpl.

Mr. Dicks stated that each month IRAC adjusts the price of fuel based on average crude oil costs from two months previous.

"The higher gas prices that PEI is currently experiencing were experienced by this province in November," said Mr. Dicks. "The regulatory system in PEI delayed those increases, but they are now reflected in their fuel costs." Mr. Dicks said that PEI has not been isolated from the upward spiral in prices that has affected the rest of the country.

"Since February 1999, the ex-tax price of regular unleaded gas in Charlottetown, PEI has increased by 27.8 cpl in comparison to 26.0 cpl in St. John�s," said Mr. Dicks.

Government is continuing to monitor world crude prices.

Comparison of St. John's and Charlottetown Market Self Serve Regular Gasoline prices from January 1, 1990 - January 1, 2001

Media contact: Gary Callahan (709) 729-4890.

2000 01 02 5:10 p.m.

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