The Island Regulatory Appeals Commission says it will look into how it sets prices for gasoline, diesel, propane, furnace oil and commercial oil on P.E.I.
A spokesperson for IRAC said in a statement that the margin review will evaluate benchmark pricing, pricing formulas and margin structures that the commission uses to decide on the cost of petroleum products sold on the Island.
The statement said the commission has hired a consultant to help with the review process. Once the review is finished, the consultant will put together a formal report that will be posted on IRAC’s website.
Once the review is posted, the public will be invited to provide feedback.
The last time the commission did a margin review was in 2023, and the statement said this review will follow a similar process.
The spokesperson said there currently isn’t a timeline for when the review will be completed as there is still a lot of data that needs to be collected, but that the process likely won’t be finished until 2026.