Irving Oil has failed in its bid for interim increases in the wholesale prices for motor fuels and furnace oil. The company was seeking a 3.5 cent increase on motor fuels and 3 cent increase for furnace oil effective immediately until the Energy and Utilities Board holds a public hearing late next month on the requested a 4.09 cent increase on motor fuels and 3.02 cent increase on furnace oil. The wholesale pricing margins were last changed in 2013.
The Board this afternoon denied the application for the interim increases saying the Applicant did not meet the principles to be applied for an interim order and has not established a case to support the motion.
Irving is applying for the wholesale price increases saying it has been hard hit by the COVID-19 pandemic with dropping demand for jet fuel – marine fuel – gasoline – and diesel fuels. The company says sagging sales combined with higher costs are “having a serious impact on the entire supply chain.”
Earlier this month – Irving Oil won the right to keep financial information submitted to the Board justifying its request private. Groups opposing the application sought to have the information released – but – the Board ruled the information is confidential and will not be made public.
