Irving Oil has withdrawn its application for wholesale price increases on motor fuels and furnace oil. The company notified the Energy and Utilities Board of the move in a letter dated today.
The company says 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.”
In an earlier ruling – the Board turned aside Irving’s request for an interim price hike of 3.5 cents on motor fuels and 3 cents on furnace oil until the full hearing process was complete. The company was seeking a permanent increase of 4.09 cents on motor fuels and 3.02 cents on home heating oil.
Irving submitted it has been hard hit by the COVID-19 pandemic with dropping demand for jet fuel – marine fuel – gasoline – and diesel fuels. The company said sagging sales combined with higher costs are “having a serious impact on the entire supply chain.” A public hearing was scheduled for late next month.