Gas prices jump 7 cents per litre overnight

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

Published on January 31, 2013
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.