The provincial Energy and utilities Board has granted Irving Oil’s request to withdraw its application for increases in the wholesale price margins for motor fuels and furnace oil. The company filed the request on March 01st after losing out on a bid for interim price hikes – and – saying it’s apparent there would be “significant ongoing challenges to the confidentiality of information that is commercially sensitive to Irving Oil” and combined with the volume of interventions would require “an inordinate level of time and effort on the part of senior management of Irving Oil which in current circumstances are required in the business.”
The company was seeking interim price hikes of 3.5 cents on motor fuels and 3 cents on furnace oil – and – permanent increases of 4.09 cents on motor fuels and 3.02 cents on home heating oil.
In its Order dealing with the withdrawal request – the Board says it will assess costs associated with the hearing process and those costs “shall be paid by the Applicants within 30 calendar days from the date of the invoice.
The Board also orders all confidential information related to the application provided to participants who signed confidentiality agreements be destroyed. But – all non-confidential documents placed on the public record and headings of confidential documents shall remain in the Board’s website.
The full order on the withdrawal request can be found here.
