Gas prices soar

The price of gas jumped by eight cents overnight on P.E.I. The Island Regulatory and Appeals Commission approved the hike effective 12:01 a.m. today.

In addition, furnace and stove oil prices increased by four cents per litre (cpl).

Diesel prices also increased by three cents per litre.

Significant increases in the wholesale prices of gasoline, furnace oil and diesel since the commission’s last adjustment now necessitate the unscheduled price increases announced today.

The impact of hurricane Harvey continues to affect the supply and wholesale pricing of all three petroleum products. Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 120.6 cpl to 121.8 cpl. Pump prices for diesel will range from 112.7 cpl to 113.9 cpl. The maximum price for furnace oil will now amount to 76.3 cpl, plus tax.

Prince Edward Island is not alone in facing such price increases.

In recent days pump prices across Canada and across North America have risen dramatically. Gas costs in Nova Scotia, for example, have risen 14 cpl since Aug. 25, while pump prices across Canada now average 123 cpl.

The commission will continue to monitor wholesale market pricing on a daily basis and meet again by week’s end to assess the situation at that time.