The Island Regulatory Appeals Commission (IRAC) has announced its plan to review the pricing mechanisms for gasoline, diesel, propane, furnace oil, and commercial oil in Prince Edward Island (P.E.I.). A spokesperson for IRAC mentioned that the upcoming margin review will assess the benchmark pricing, pricing formulas, and margin structures utilized by the commission to determine the prices of petroleum products within the province. To facilitate this review, IRAC has engaged a consultant to assist in the evaluation process. Once the review is finalized, the consultant will compile a detailed report to be published on IRAC’s official website.
Following the publication of the review, the public will have the opportunity to provide feedback on the pricing mechanisms under consideration. IRAC’s spokesperson highlighted that the previous margin review conducted by the commission took place in 2023 and assured that the upcoming review will adhere to a similar methodology. Although a specific timeline for the completion of the review has not been established due to the extensive data collection required, it is anticipated that the process will extend into 2026.