Image: Mark Leger/Huddle.
Irving Oil has withdrawn its request for a permanent hike to motor fuel and furnace oil prices in New Brunswick.
Last month, the New Brunswick Energy and Utilities Board denied the company’s request for an interim hike.
A hearing for a permanent hike had been set for April, but the company announced Monday it would not proceed with the request.
Irving’s application called for the board to increase wholesale petroleum margins by 3.02 cents for furnace oil and 4.09 cents for motor fuels.
“The current system does not allow for the proper consideration of what is an industry issue in our province,” read an Irving Oil press release issued Monday.
The release blamed the current system, for not allowing companies in a competitive environment to advocate for industry issues.
“The ongoing requirement for us to share competitively sensitive information in a forum that could allow for ongoing disputes and ultimate sharing of confidential information is beyond what we can reasonably agree to,” the release reads.
In February, the board sided with Irving on its request for confidentiality, which the company claimed was needed due to the documents containing “proprietary, financial and/or commercially sensitive information.”
