P.E.I. gas prices increase at midnight

U.S. gasoline prices set a record at the pump Monday and higher prices are in store for P.E.I. motorists Tuesday as well.
The Island Regulatory and Appeals Commission announced Monday that gasoline prices would increase by 2.7 cents per litre (cpl, effective at midnight.
Across the U.S., the average national price of a gallon of gasoline (3.8 litres) hit a record US$3.073 on Monday. In Canada, pump prices are above $1 a litre, or about C$3.80 a gallon and higher.
There was some good news Monday for Island homeowners as furnace fuel and stove oil prices decreased by 1.3 cents cpl while diesel prices decreased by 2.6 cpl. Propane prices will remain unchanged.
Including taxes, pump prices for regular unleaded gasoline at self-serve outlets on P.E.I. will now range from 114.2 cpl to 115.8 cpl.
In announcing the price adjustments, the commission noted that, over the past three months, the combination of unplanned production outages, scheduled seasonal maintenance at refineries, interrupted European gasoline imports, and
sustained strong consumer demand have significantly impacted North American gasoline inventories.
According to the U.S. Department of Energy, gasoline stocks are at the lowest level in 16 years. With the onset of the summer driving season, the market's concern for adequate supply has been reflected by escalated pricing in the commodities market where prices have increased by 4.5 cpl since mid-April.