Furnace oil, diesel prices take big jumps on P.E.I.

Many Island homes are heated by oil furnaces. Those unable to pay the hundreds of dollars to fill their furnace can find other options to just pay for a limited amount of fuel  to make sure their furnace doesn't go out. (Laura Meader/CBC - image credit)
Many Island homes are heated by oil furnaces. Those unable to pay the hundreds of dollars to fill their furnace can find other options to just pay for a limited amount of fuel to make sure their furnace doesn't go out. (Laura Meader/CBC - image credit)

The price of both furnace oil and diesel took big jumps on P.E.I. Tuesday.

In an unscheduled change, the price of furnace oil rose 22.5 cents per litre, or about 11 per cent. The price of diesel increased by 18.8 cents per litre, about seven per cent.

The maximum price for furnace oil is now $2.20 per litre. Diesel prices will range from $2.75 to $2.76 per litre.

P.E.I. petroleum product prices

Island Regulatory and Appeals Commission's has said it is normal for heating oil prices to go up with higher demand in the fall, and this year increased demand in Europe and reduced production by OPEC led to a sharper increase.

The price of petroleum products is based on several factors, including time of year, supply and demand, natural disasters, extreme weather and disruption in supply due to civil unrest and war, IRAC has said.

Gas at the pumps was unaffected, with prices around $1.95 a litre.

IRAC's next scheduled price announcement is Friday.