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P.E.I. gas prices take a 4-cent jump New Year’s Day

P.E.I. gas prices. (File image)
P.E.I. gas prices. -File image

The Island Regulatory and Appeals Commission (IRAC) is ringing in 2018 by hiking the cost of all fuel on Prince Edward Island.

Effective Jan. 1, gas prices in the province increased by 4 cents per litre (cpl). Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 114.5 cpl to 115.7 cpl.

Furnace, stove oil and diesel costs each went up by 3.3 cpl, meaning the maximum price for furnace oil will now amount to 90.5 cpl, plus tax.

Propane prices increased by 1.6 cpl for Superior Propane; by 1 cpl for Irving Energy Distribution and Marketing; and by 1.5 cpl for Kenmac Energy Inc. Maximum before tax propane prices will now range from 86.1 cpl to 86.5 cpl.

IRAC says the cold weather coupled with the busy holiday season has resulted in an increase in demand and a rise in wholesale prices since the last adjustment, necessitating the price increases.

P.E.I. is not alone in facing such price increases, the commission says. Gasoline prices have been climbing across the country in recent weeks.

As of Dec. 29, pump prices were 114.4 cpl in Halifax, 125.2 cpl in Montreal, 122.7 cpl in Ottawa and 123.0 cpl in Toronto.

The commission's next scheduled price adjustment is Jan. 15.

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