Diesel, heating oil up by over 10 cents overnight following another unscheduled hike

·1 min read
The price of diesel and heating oil is up again in P.E.I.  (Robert Short/CBC - image credit)
The price of diesel and heating oil is up again in P.E.I. (Robert Short/CBC - image credit)

The Island Regulatory and Appeals Commission has raised diesel and heating oil prices by over 10 cents.

IRAC made the unscheduled price adjustment on Saturday, citing a "dramatic" rise in prices.

Including taxes, the price of diesel went up 11.5 cents to between $2.61 and $2.62 per litre. The price for heating oil is up 10.5 cents to a maximum of $2.14.

The change comes a day after the price of diesel and furnace oil jumped by about 16 cents.

Prices broke records in P.E.I. this week as volatility returned to the global energy market. They're about 20 per cent higher than last week, with diesel up 47 cents since April 22 and heating oil up 43 cents.

P.E.I. petroleum product prices

The price of gasoline didn't change on Saturday. It's gone up by about 10 cents in the past week to between $1.85 and $1.86 cents.

Prices spiked in late February following the start of Russia's invasion of Ukraine, but have held steady for the last couple of weeks.

They also jumped elsewhere in the region Saturday, with the price of diesel and heating oil going up by about 17 cents in Nova Scotia, 16 cents in New Brunswick and over 14 cents in Newfoundland and Labrador.

This is the third price adjustment in a week in P.E.I. The next scheduled price adjustment is May 6.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting