The price of petroleum products are going up thanks to the PUB’s final review of petroleum product pricing on the island. The review has been presented to government with a separate report on petroleum pricing in Labrador due in the near future.

The PUB says based on information and feedback provided, a number of changes will be made to the way in which regulated prices for gas and other petroleum products will be set.

While the wholesale mark-up for gas, diesel and furnace oil will stay the same, zone differentials for petroleum products on the island will increase by 2 cents per litre or less to reflect the higher cost of supply.

Retail mark-ups for gas, diesel and furnace oil on the island will rise by 4 cents per litre in most zones to reflect higher costs.

Meanwhile, the combined total allowed mark-ups for propane heating fuel will increase between 0.5 cents per litre to 5 cents per litre, but the average increase is expected to be in the range of 2 cents per litre.

All changes will be brought in gradually over the course of six weeks, starting on February 6th with impact to be no more than 1 cent per litre per week.

Retail markups are being implemented first, followed by zone differential increases. The maximum price adjustments are now moving to Friday, rather than Thursday to bring them in line with the other Atlantic provinces. The setting of maximum prices for stove heating fuel on the island will end February 6th.