Gas prices hiked on P.E.I.

Published on March 10, 2016

IRAC issued a news release Tuesday night indicating there will be no change in the price of gas.

©Submitted photo

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.