Petroleum Products Division
The Petroleum Products Division (PPD) is responsible for the purchase, import, storage, and delivery of petroleum products in Nunavut. Its headquarters is in Rankin Inlet with three regional offices located in Pond Inlet, Cambridge Bay and Rankin Inlet. PPD is responsible for managing approximately $190 million in bulk fuel storage facilities assets and sells approximately 210 million litres of petroleum to various consumers including governments, businesses, airlines, homeowners, and the public.
PPD operates under the Revolving Funds Act (the Act). The Act established the Petroleum Products Revolving Fund, which provides $250 million in working capital to finance PPD’s inventories, accounts receivable and expenditures. PPD recovers its program costs through the sale of petroleum products and is required to achieve a break-even financial performance. Given the volatility of fuel prices on world markets, the Petroleum Products Stabilization Fund provides an account for the retention of PPD’s annual surpluses and deficits. The stabilization fund can fluctuate by +/- $10 million thereby enhancing PPD’s ability to stabilize fuel prices in the Territory.