Gas price up on P.E.I.

·1 min read
With gas prices rising, many Islanders are trying to find ways to limit their visits to the pumps. (Matthew Howard/CBC - image credit)
With gas prices rising, many Islanders are trying to find ways to limit their visits to the pumps. (Matthew Howard/CBC - image credit)

The cost of gas rose again on P.E.I. Friday morning.

The minimum price at the pump for a litre of self-serve gasoline rose 3.9 cent to $2.09. Heating oil and diesel prices did not change.

This was the regularly scheduled price review from the Island Regulatory and Appeals Commission.

The gas price is marginally below the all-time record high of $2.10, set earlier this month.

P.E.I. petroleum product prices

Prices for petroleum products have been moving up since the invasion of Ukraine by Russia at the end of February. But reduced refining capacity coming out of the pandemic, which has allowed refineries to increase profit margins, are also a major factor.

Records were also set for diesel and heating oil prices in May. The diesel price was up to $2.53 and heating oil was $2.14. Both have seen significant drops since, with diesel set at $2.13 and heating oil at $1.67.

Gas has not seen the same large swings, but has instead been on a mostly steady climb upwards through the month.

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