Gas prices hiked on P.E.I.

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Gas prices up.

Gasoline prices are now up five cents per litre

Get ready for some pump pain.

The Island Regulatory and Appeals Commission approved an unscheduled hike in gas prices overnight.

Gasoline prices are now up five cents per litre.

Furnace oil was also increased three cents per litre and diesel is up one cent per litre.

The regulator says there will be no change in propane prices at this time.

Pump prices for regular unleaded gasoline at self-serve outlets, including adjustments for taxes will now range from 90.7 cent/litre to 91.9 cents/litre.

The maximum price for furnace oil will now amount to 72.7 cpl, plus tax.

IRAC says this unscheduled price change is required due to a dramatic increase in the wholesale price of gasoline, furnace oil and diesel. Over the past month the wholesale trading price for gasoline has increased by 55 per cent while furnace oil has increased by 26 per cent.

The commission's next scheduled price adjustment will be next Tuesday, March 15.

Organizations: Island Regulatory and Appeals Commission

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Recent comments

  • Island voter
    March 11, 2016 - 22:11

    Gasoline is 1.06 a liter in BC today! That is 21 cents a liter higher than it was on PEI before today. This difference in price in BC is due to their carbon tax!!! A tax that Wade and PM selfie fully supported!! It is just a matter of time until the carbon tax hits PEI, along with higher electricity rates and a hike in the GST this month! Yet Island voters give Wade and the Liberal party a 71% approval rating! Unbelievable!!!

    March 11, 2016 - 16:43

    This is just a scam. Last fall, the big oil companies lowered their upstream profit margins by $o.27 per litre and added that same amount to their retail margins, thereby they can keep the retail price of gas as high as possible. It is just a scam.This way, the consumer will never get the full benefit of falling prices as they have tacked on the profit they would have made at the wellhead and keep the retail price artifically high.They are not stupid.

  • Hmm
    March 11, 2016 - 16:39

    I wonder if we will ever get an Unscheduled drop in the price of gas ????? I guess I wont hold my breath......bunch of crooks.

    • Just Sayin
      March 12, 2016 - 10:41

      The last drop in price was unscheduled. That was in Feb. Don't you read ?

  • Swayne
    March 11, 2016 - 12:17

    Price of oil at its lowest in years. No increase in the cost per barrel. Now you have to ask yourself, who is the wholesaler of gas/oil? hmmmmmm sounds a little more than sketchy to me!!!

    March 11, 2016 - 11:00

    This is absolutely BS so close to the 15th. of the month when everyone expects it to go up.

  • Fed up
    March 11, 2016 - 10:20

    Too many guys with money running our Country, Our Province....and definitely IRAC!! Oil goes down drastically.....gas slips 1-2 cents. Oil up a bit. Gas UP. DRASTICALLY. No increase in pensions, wages, and if there is, they go by percentage...which means the guy with the most money gets the biggest raise! Not giving us a chance to survive....while it's "pretty" to see our handsome PM...his wife...3 children...2-3 Nannies...1/2 dozen security...visit the u.s. Pretty family, WE are paying for it. It spoils the "pretty" part of it. Same with our well to do Premier, his partner, and 11-12 others travel to Europe....we are in the grocery store wondering how we can afford salad ingredients and vegetables for our family.... And certainly how to heat our homes and GET to a store to drool over what we can't afford. But our PM in his infinite "wisdom" brings in 25000 refugees - then begs us for housing, furniture, clothing and food for them! Where will it end?!?

    March 11, 2016 - 08:40

    Where is this 55 PER CENT increase you are talking about? Gas is still at 37 dollars a barrel and you are making us pay as if it were $100.00 a barrel. I hope you get a big bonus form the Government and the oil companies for being such faithful puppets.

  • help the people
    March 11, 2016 - 08:40

    What a load of B.S.Time for IRAC to start working for the people not the oil company.If they are working for them then let them pay them.Four more days would not break the bank on the mega rich oil companies.They have been making billions of gas for years. Time for them to start make less profits and put more off their own money back in to the company.

  • charlie brown
    March 11, 2016 - 08:00

    They just couldn't wait 4 days,even when 2 were weekend days. Guess they serve their masters well and that isn't the taxpayers.

  • Doug
    March 11, 2016 - 07:53

    Get Rid Of IRAC - Here we go again, it took forever for the gov. employees at IRAC to drop the price of fossil fuels after the price per barrel was down for months. Now the price per barrel moves just a little and the same week the tax payers (which are IRAC employees employers) rip us off with a mid week increase. Island politics at it's best. Thanks for nothing MacLauchlan, try giving back to the people of PEI for a change instead of lining your pockets. Get rid of IRAC.

  • Cromwell
    March 11, 2016 - 07:42

    With recent increases in the price of crude oil, an increase was to be expected. However the cited cause - 'Over the past month the wholesale trading price for gasoline has increased by 55 per cent..' is nonsense. Given that IRAC use 'Daily Rack Pricing' as the basis (Irving still refrains from publishing this data), then looking at PetroCan's website, over the course of the last month, there has been a 20% increase in the base price of regular gasoline. However, once again, an unscheduled change in refined petroleum products benefits the oil refiner (over the course of the last 2 years, some 90% of these 'unscheduled changes' have involved price increases), and lends further support to the concern that IRAC is subject to influence from 'outside sources'. It would be useful to know how, and why, IRAC chooses to intervene with unscheduled price changes.

  • mad as hell
    March 11, 2016 - 07:31

    We don't need a "carbon tax" - we already have IRAC

  • Robert Arsenault
    March 11, 2016 - 06:13

    I think its time the premier investiagtes irac and get rid of it

  • Robert Arsenault
    March 11, 2016 - 06:12

    I think its time the premier investiagtes irac and get rid of it

  • Drake
    March 11, 2016 - 05:08


  • willie
    March 11, 2016 - 03:23

    AGAIN, why is this regulated? If they are just going to change the price whenever irving says, then why don't we just let the price float like it does everywhere else? Lets save some dollars by disbanding this group. Message to IRAC, every time you pull one of these unscheduled adjustments, you are further proving your uselessness. Tax dollars at waste. Somebody WAKE UP