ST..JOHNS (CBC) - Newfoundland and Labrador's fuels regulator approved substantial jumps Thursday in the retail costs of home heating oil and diesel fuel.

The Petroleum Pricing Office used its interruption formula to hike the prices a week before its next scheduled price setting, and cited mounting costs in the commodities markets.

Gas prices, though, were not changed.

Truckers woke up Thursday to see diesel costs up by 9.2 or 9.3 cents per litre, depending on rounding for taxes in different geographic zones of the province.

On the Avalon Peninsula, where prices are cheapest, diesel now costs $1.556 per litre. Prices vary around the province, with the maximum price for the same litre as $1.581 in central Newfoundland and $1.63 in western Labrador.

After dropping furnace oil costs last week by about 6.5 cents per litre, the PPO allowed an increase Thursday of 7.79 cents per litre. Stove oil was increased by the same amount.

In the St. John's area, the maximum cost of furnace oil is now $1.1299 per litre. Prices also vary in different geographic zones.

In a statement, the PPO, which has been regulating fuel prices in Newfoundland and Labrador since 2001, cited record-setting oil prices in world markets.

"Despite moving into the traditional off-peak demand season, diesel and heating fuels were affected to a greater magnitude than gasoline," the PPO said.

"Distillate inventories are below the five-year average and global demand has not subsided. However, refiner margins for these products have not kept up with the price of crude oil and production has declined as a result."

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