Gas prices jump 4 cents overnight

Gas prices have taken a fourcent hike overnight during an unscheduled price adjustment.

The Island Regulatory and Appeals Commission, which regulates petroleum prices in P.E.I., says the increase is due to increased wholesale prices, “abnormally high demand” and reduced inventory.

The increase came into effect as of 12:01 a.m. today.

Including adjustments for taxes, pump prices for regular, unleaded gasoline at self-serve outlets now range from 119.1 to 120.3 cents per litre (cpl).

No change was made to the price of furnace oil, stove oil, diesel or propane.

Pump prices for diesel will continue to range from 127.9 cpl to 129.0 cpl.

The maximum price for furnace oil will continue at 90.5 cpl, plus tax.

“Significant increases in the wholesale price of gasoline since the commission’s last adjustment now necessitate the unscheduled price increase announced today,” stated the regulatory body.

“An abnormally high demand for gasoline for this time of year coupled with a reduction in inventory has contributed to this situation.”

The commission noted in its announcement that Prince Edward Island is not alone in facing price increases and the province’s prices are below the national average recorded Wednesday of 126.7 cpl.

There was no change to petroleum prices at the scheduled mid-month adjustment Jan. 15. The next scheduled adjustment is Feb. 1.