Calculation of Benchmark Prices
The benchmark price is required to be calculated using the average of the average of the daily high and low product prices for the reported benchmark since the last adjustment of maximum prices. The reported prices are converted to Canadian cents per litre from US cents per gallon for regularly scheduled adjustments. For regularly scheduled adjustments a seven-day average is used with Friday’s data serving as a proxy for Saturday and Sunday as there is no reported pricing data available for those days. In the case of holidays the most recently reported daily data is used. Because maximum prices are based on an average, the established maximum prices may at times be different than the daily benchmark prices at the time of an adjustment. For example, the weekly Thursday adjustment of the maximum price for gasoline must reflect the average of the average of the daily high and low Platts New York Cargo UNL 87 data for the previous Wednesday to Tuesday, converted to Canadian dollars. Pursuant to section 2(a.1)(ii) and 14(2.1) of the Regulations, the benchmark price for mid-grade and premium gasoline is based on the UNL 87 benchmark price plus 3.0 cpl and 6.0 cpl, respectively.

Sources for Benchmark Prices
Benchmark prices are calculated using the benchmark sources set out in a Schedule to the regulations. For all regulated products except propane, the source of the daily data for benchmark prices is Platts US Marketscan, an internationally recognized and accepted source for fuel pricing information. As this information is provided through a subscription service, the Board is prohibited from releasing the daily information. The benchmark sources the Board is required to use can be found here.

The benchmark used to calculate the maximum price for a motor or heating fuel reflects the product supplied which may vary by region and/or the time of year. For example, the benchmark price for stove oil heating fuel in Labrador is based on 100% ultra low sulfur kerosene (ULSK), whereas on the Island the stove oil heating fuel benchmark is based on ultra low sulfur diesel (ULSD). The benchmarks used to calculate maximum prices are as set out below.

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