Gas prices jump 7 cents per litre overnight

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P.E.I. prices are now well above the national average, according to Gasbuddy.com

Gas prices are going up across P.E.I.

P.E.I. drivers are paying more at the pumps today – a lot more.

The Island Regulatory and Appeals Commission has approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, February 1, 2013:

● Gasoline prices will increase by 7.0 cents per litre (cpl);

● Furnace and stove oil prices will increase by 4.0 cpl;

● Diesel prices will increase by 4.0 cpl; and

● Propane prices will increase by 2.5 cpl for Superior Propane, by 5.0 cpl for Irving Energy Distribution and Marketing and by 2.7 cpl for Kenmac Energy Inc.

 Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 127.3 cpl to 128.3 cpl.

 The maximum price for furnace oil will now amount to 110.3 cpl plus GST.

 IRAC said continued increases in the wholesale price of gasoline and distillate petroleum products since the commission’s last price adjustment now necessitate the above described petroleum product price increases.

 The commission's next scheduled price adjustment will be on February 15, 2013.

Gasbuddy.com, a website that tracks gas prices in Canada, says the average price at the pumps is 121.8, which means P.E.I. prices are now well above the national average.

 

 

 

Organizations: Island Regulatory and Appeal Commission

Geographic location: P.E.I., Canada

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Recent comments

  • islander
    February 01, 2013 - 13:38

    what ever happened to the days when Gas was a product with competition. i remember every gas station competing for business some gas stations would have a price of .89.0 C / L , others for a couple of cents off. i think this petroleum industry is too big, there's no competition with the huge oil companies. hense maybe thats what needs to change, but how is the question. inthe meantime this whole thing is getting away out of hand.

  • fred
    February 01, 2013 - 09:33

    .The old saying is ; We live by the golden rule. The ones with the gold ; makes the rule.

  • ADVANCE NOTICE
    February 01, 2013 - 09:21

    Isn't this wonderful? The oil companies know in advance of the increases as one comment stated. They will not do fill ups until the price goes up and if the price is going down which is rare then they work day and night to fill up before the price drops. Isn't it wonderful to live in the worst managed and most politically corrupt province.

  • Peiguy
    February 01, 2013 - 08:36

    I do not agree with this process. The regulation of gas prices on PEI should be more transparent. Answer me these and I and other Islanders might be happier. Why are we above the national average. where other provinces have less regulation? How many people are involved in these decisions, Are they the right people? Are they qualified and finally is there any representation from non governmental or fuel industry on the board. How do we know there are not any kickbacks here when the process seems so " back-door?

  • Bill Kays
    Bill Kays
    February 01, 2013 - 08:34

    It is all a big game of big finance and we are just the small insignificant pawns to be used as cannon fodder for the big boys. If we removed the speculators (gamblers) out of the equation the prices would level out at what the market demands. Unfortunately YOUR OWN investments, pension plan money, stocks and bonds, etc, are being used against you by these gamblers (speculators) . These people influence greatly the prices we all pay at the pumps. So while we think we are investing in ourselves (occasionally realizing modest gains), in reality we are investing in the bankers who in turn use our money against us to increase their overall profit. When will we learn that things are seldom as they appear?

  • smoke and mirrors
    February 01, 2013 - 08:01

    Doesn't everybody realize that they have to raise prices prior to HST, so they can drop them when the hst comes into effect? Then they will appear to be nice guys. IRAC is a joke. Regulation is a joke.

  • Charlottetown Resident
    February 01, 2013 - 07:42

    What gives the big oil companies the right to raise the price of gas from oil that was purchased months ago and already went through the refinery and sits in underground storage tanks at the pumps right now? How can they justify that???

  • TO TICKED
    February 01, 2013 - 07:21

    You did see where Alberta is getting 55 dollars a barrel, However, they sell to the US who then sell it back to the rest of Canada for double that amount.

  • WHY NOT
    February 01, 2013 - 07:18

    Why not the highest gas and fuel prices? We already have the highest taxes in Canada, The worst Government in Canada, The worst unemployment in Canada, The only province in Canada that has two separate tax forms to force us to pay higher income tax, The highest retail prices in Canada. if you are going to have the worst in everything else why not ??

  • Ouch
    February 01, 2013 - 07:15

    The Province has the final say with IRAC. This is hard for heat in this cold winter.

  • Fed Up
    February 01, 2013 - 07:01

    Ghiz government won't stop until they have it ALL. In debt to our ears and THEY BORROW MORE MONEY!!!! What a bunch of unknowledgeable people running our province. And Currie raving about ONE surgeon helping PEI. We don't have a vascular surgeon, a dermatologist, dialysis in an uproar...one oncologist...people waiting months in severe pain for surgery. Put one of the big wigs on the waiting list...with an aneruysm, skin cancer, kidney failure, see how fast they move!!!! They have absolutely no idea what they're doing!!!!

  • ANNOYED.
    February 01, 2013 - 07:00

    Rising the price of gas 7 cent's is a insult to good lslander's. What the Hell is are the bloodsucker's at IRAC think they are doing. The price of oil barely change's, so what the hell the reason for the increase.

  • HMR
    February 01, 2013 - 06:54

    What is the reason for the existence of IRAC, when we have the highest gasoline price in Canada? Please get rid of this useless patronage board of politically appointed members with their bloated salaries, ASAP!

  • saw this coming
    February 01, 2013 - 06:44

    Saw this one coming --- had to call my furnace oil provider during the cold snap and ask where they were; it had been 6 weeks since they came. "Oh, we planned on coming next week".... mmmmm

  • mike
    February 01, 2013 - 06:25

    i thought irac was only allowed a 5 cents increase or decrease at a time

  • john h bernard
    February 01, 2013 - 06:16

    last night i took the gst off the new price and added in the hst, that meant that gas would be 1.38, thank you wes and ghizzy poo for whats to come

  • GOOD OLD BOYS
    January 31, 2013 - 21:34

    I guess Wes must be trying to get the mismanaged million back on gas taxes. The government flunkies at IRAC will see to it .

  • Ticked
    January 31, 2013 - 21:33

    It was just this week that i read in the Chalottetown that crude prices in Alberta were falling like $55.00 or so per barrel. So why are we being gouged?

    • jasper
      February 01, 2013 - 08:31

      There are two different prices for crude oil.WTI $97.64 and BRENT CRUDE $115.55 . WTI which is always quoted on Tv is USA domestic price and also the price they pay for our partly refined oil, $55 for unrefined. So are we being gouged or just plain shafted because we pay for imported Brent Crude priced oil and give ours away to the US.

  • Liberals
    January 31, 2013 - 21:26

    When HST hits April first tack on another 10 or 11 cents per litre...we havent even seen the worst of the worst yet. Thanks Wes and Robbie for taxing gas-but I guess you two jokers wouldnt care since your gas is paid for.

  • don
    January 31, 2013 - 21:17

    dizzy needs the extra money to cover his wage increase.

  • Bob
    January 31, 2013 - 20:35

    I'm wondering when the HST come in is our gas going to rise another 7 cents ? If so we be in the top 3 for highest gas prices in the country.

  • Neil
    January 31, 2013 - 20:05

    HaHA I pay less in the NWT. Way to go PEI!!!

  • ridiculous
    January 31, 2013 - 20:04

    How is this justified by these pieces of crap they call Irac. This much of an increase is unbelievable when the price per barrel has not moved that much. Oh maybe they will blame it on the fighting in egypt where our joke of a leader ghiz is at with his upei egypt president. Pretending they are doing something good for us while over thier. This island is eroding away by the minute as it is a big joke.

  • Gus
    January 31, 2013 - 20:02

    Way to go irac!!! I guess we'll all just be a bit poorer.

  • Fantastic
    January 31, 2013 - 19:34

    Oh good, jack it up without reason before the hst comes in to screw us more. Thanks IRAC

  • Well now
    January 31, 2013 - 18:20

    Well now, the smallest and worse off province and we have gas prices that are now well above the national average. Guess this is to get extra tax money to pay for the Premier's trip to Egypt.