Gas prices to rise

BREAKING NEWS

Published on July 12, 2012; Published on July 12, 2012
Teresa Wright

Topics :: Island Regulatory and Appeals Commission , P.E.I.

Gas, furnace oil and diesel prices are going up tonight in an unscheduled hike, the Guardian has learned.

Despite falling oil prices in global markets, effective 12:01 a.m. Friday, July 13, gas prices in P.E.I. will increase by six cents. Filling up will now cost between 119.5 cents and 120.5 cents per litre.

Diesel is also going up by six cents a litre and furnace/stove oil will increase five cents.

This is an unscheduled price adjustment by the Island Regulatory and Appeals Commission. The next scheduled update is July 15.

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Dufferdon

- July 13, 2012 at 16:38:53

What middle East Country does our oil come from,does Irving Oil Refinery have anything to do with the end product,or do they only refine for consumers in the USA I am having a hard time finding out if the Irvings are a shareholder company.

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Brian lewis

- July 13, 2012 at 15:18:28

Gas is going to keep going up as long as the oil companies have the bureaucrats in there back pocket. Gets both of them richer and the rest of us poorer

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Walter Wilkins

- July 13, 2012 at 11:43:18

And just remember that regardless of sham "public input" meetings, this "Liberal" government is forcing the HST on Islanders. Even an informed 12 year old would know that this tax will amplify our dependency on gas, furnace oil and diesel fuel. And just to add insult to injury, the government is about about to kill the hybrid car rebate as well. All of which begs the question - for whom does this government work? The answer is clear . . . they don't work for Islanders.

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XComa

- July 13, 2012 at 09:31:21

Instead of Canada selling it's Oil Low and Buying Fuel High, why do not just Refine our own Oil and tell everybody we have less to sell ?.. That would be the sensible thing. In fact, Canadian's needs should be covered off prior to exporting.. That way we will not have to Buy High and Sell Low... unBelievable..

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- Brian
  
  - July 13, 2012 at 11:13:17
  
  PEI gas Prices if we had HST with this price it would be $1.29
Every summer?

- July 13, 2012 at 08:39:52

High tourist travel time. What an oppotunity to get more money.With escalating gas prices and high cost accomadations everyone will be forced to take a Staycation.

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going in dry

- July 13, 2012 at 07:39:02

F to the U oil companies and IRAQ.....F to the U.

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Peeved again

- July 13, 2012 at 07:38:47

What a joke !!! At least I thought it was when I heard it this morning on Friday 13th.Why Why Why??? one asks.Furnace oil which we hardly burn in the summer and gas !!! well the price a barrel is down how come when they put it down it only goes down maybe 3 cents but when it goes up 5 or 6 cents that is ridiculous !! We should be paying less than a dollar.Time for Harper to step in and say something but I guess that would be another friday the 13th joke.He can afford it oh yeah he rides around on the gas we pay for him and heats his home by our coppers.I don't know where this is alll going to end ?

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don

- July 13, 2012 at 07:36:48

legal scam.

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Jeeper

- July 13, 2012 at 07:16:43

Money mongers! Sticking it to touriists and Islanders alike . No rhyme or reason to this madness... and the sad part is we tolerate it !

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david

- July 13, 2012 at 02:07:51

good for you all lets kick this goverment out of power asap

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David

- July 13, 2012 at 00:33:15

Do you people think gas, diesel and furnace oil are all different things that magically come out of different holes in the ground? Even wax, fertilizer and plastics are made from oil. Commodities affect prices as much as supply and demand, now even drinking water is in limited supply and we are an island. It's all about how much people use and how much is available it's got nothing to do with getting back at someone. You're all paranoid and will drive yourselves crazy thing this is all something to get back at you. It's economics, get used to it.

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Mike

- July 12, 2012 at 23:40:37

Why is it that the price is going up when the price per barel has been more or less steady at $85-$87. Seems to me that when the price of oil was $120 a barel some years ago and our prices jumped to about $1.24 a liter and now the price is 30% lower and we are still paying the same...what gives?

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Mike

- July 12, 2012 at 23:38:56

Why is it that the price is going up when the price per barel has been more or less steady at $85-$87. Seems to me that when the price of oil was $120 a barel some years ago and our prices jumped to about $1.24 a liter and now the price is 30% lower and we are still paying the same...what gives?

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- Irishnannie
  
  - July 13, 2012 at 10:03:18
  
  Ah, the price we pay for industry consolidation slacken back on refined product and voila, "let the little people pay".
Flabbergasted

- July 12, 2012 at 21:47:53

Guess the Tourism Department will have to increase the free gas vouchers they are giving to tourists by a few dollars.

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CrazyTalk

- July 12, 2012 at 21:40:08

Total BS but sadly IRAC has no choice. The last time they tried to not raise the price the &*$%@(& oil company refused to deliver to the Island. It is a screw job - but it is the oil companies who are doing it to us. They could at least pay for dinner.

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tator tot

- July 12, 2012 at 21:09:18

They did it now so it wouldn't be such a jump when they put it up again on the 15th.

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sick up and fed

- July 12, 2012 at 20:40:25

Due to the discriminatory and inappropriate language restrictions the Journal imposes, sadly, I am not able to make the comments I would like to about IRAC!!!!!!!

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Wayne Guindon

- July 12, 2012 at 20:03:55

Listen you guys could make a lot of easy money..You have heard the old saying "buy low and sell high" Well just buy lots of your cheap Island gas and ship it out to Vancouver. We have been paying over $1.40 a gallon for the last year! You could make 20 cents a gallon............ I'll let you do the math on that one!

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- Jimmy
  
  - July 12, 2012 at 21:47:33
  
  Wayne, 1.40$ a gallon? ...you have it wayyyyyy better than we do. 3.78 liters in a gallon ,so we will be paying 3.60+$ a gallon
- Wayne Guindon
  
  - July 13, 2012 at 03:14:07
  
  ya got me...............i messed up my own joke..yep..it's over $1.40 per litre.............not gallon....but the good news driving home tonite i noticed it was $1.38.5 tonite..so they collected from you guys and subracted from us.....
- Icouldabeen
  
  - July 13, 2012 at 08:15:42
  
  That would be 4.404 litres/us gal. or 4.546 litres/imp al
E.L. Douglas

- July 12, 2012 at 19:56:21

Why is the price going up? Unbelievable!! Check out: http://www.oil-price.net/

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Mark

- July 12, 2012 at 19:44:46

I do not understand why IRAC cannot wait until the 15th. Is there that much pressure from the oil companies to raise the price. Seems that this government body cannot do anything without the approval of these companies. Why not show some backbone for a change instead of being so cowardly and knuckling under all the time.

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wog

- July 12, 2012 at 19:44:31

Odd, given the gradual steady decline of crude oil prices recently, a sudden plea for a price spike of such a degree seems out of sync with the markets. I think the public deserves some kind of explanation whenever unscheduled price modifications are made. I take it IRAC are given reasons why....they should be required to share in instances like this.

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OUCH

- July 12, 2012 at 19:17:27

The oil and gas companies are gouging consumers. I remember when oil was $60 a barrel and the price of gas was at $0.70 a litre. Then oil prices went up to $140 a barrel and gas went up to around $1.40 a litre. Then when oil prices dropped, gas prices did not follow suit and go back to where they were (in May 2009 oil was $60 a barrel but gas only went down to $0.918 a litre). It is understandable that gas prices are not based solely on the price of oil but there should be some correlation. I would like to know how IRAC and other provincial regulators set the prices or are they dictated to by the oil and gas companies.

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WTF

- July 12, 2012 at 19:09:45

Why the hell is furnace oil going up in the peak heat of summer? Are they even going to try and spin this BS?

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jimbob

- July 12, 2012 at 18:59:02

2 adjustments within 3 days? what kinda place is this? maybe they assume everyone here is rich.

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waitforit

- July 12, 2012 at 18:49:03

Why you ask? Because they can. Oil has been at its lowest for two months ($83 - $85 bbl) so the increase is to cover OUR loss of $20 bbl. Hey! That's free enterprise, right?

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Screw it

- July 12, 2012 at 18:43:51

Why, I`ll tell ya why - BECAUSE THEY CAN!!! Screw the low man (or woman) on the pole! Big profits and taxes for the few in power! We really need to get more electric cars on the road...

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Mel

- July 12, 2012 at 18:12:27

We as Canadians will complain a little and then accept it. We like to be led and told what to do by our government. Can you inagine if gas increased by .25 cents a gallon overnight in the USA. There would be a national revolt. We in this country deseve exactly what we get.

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Two Days

- July 12, 2012 at 18:02:36

That can't wait 2 days?

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sean

- July 12, 2012 at 18:02:26

of course they are putting the gas up now its tourist season giving the tourists and islanders the royal screw job

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don

- July 12, 2012 at 17:23:50

what a joke ?gas I could kinda understand (not really) but furnace oil wtf?

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Question

- July 12, 2012 at 17:05:41

This is an unscheduled price adjustment by the Island Regulatory and Appeals Commission. WHY

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