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Mike Mozart / CC Filling up your vehicle’s fuel tank or buying furnace oil for your home could soon cost you more. Irving Oil wants the wholesale margins for motor fuels and furnace oil to be increased by 4.1 cents per litre. That would push the wholesale margin to 10.64 cents per litre for motor fuels and 9.63 cents per litre for furnace oil. In its application to the New Brunswick Energy and Utilities Board, the company said there have been “substantial increases” in wholesale costs since margins were last reviewed in 2012 and 2013. “The wholesale costs which have increased include terminal fees, transportation and port fees, working capital management, overhead and compliance costs,” said the company. But it is unknown how much those costs have increased as the figures are redacted from Irving Oil’s application. Irving Oil says the increases are needed urgently because of “numerous challenges” in the petroleum industry, compounded by the COVID-19 pandemic, which jeopardize supply continuity in New Brunswick. “It is important for the actual wholesale costs to be recovered in the wholesale margins because without cost recovery it will not make economic sense to continue to supply retailers where the wholesale cost […]
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