P.E.I. gas price climbs again to new record high

·1 min read
The price is up again after topping a 2014 record last week. (Kirk Pennell/CBC - image credit)
The price is up again after topping a 2014 record last week. (Kirk Pennell/CBC - image credit)

The price of gas on P.E.I., already at historic highs, rose again Friday, and diesel and heating oil prices were also up.

The minimum price of a litre of self-serve gasoline was up 2.9 cents to $1.45. Diesel was also up 2.9 cents to $1.54.

Heating oil was up 2.6 cents to $1.20.

It was the regular weekly price review from the Island Regulatory and Appeals Commission. In a news release, IRAC said crude oil prices are continuing to rise as demand for petroleum products outpaces supply.

Last week's price increase set a new record for the minimum gas price on P.E.I., rising above the previous high of $1.41 in May 2014.

Gas price analyst Dan McTeague expects the price of gas to continue to rise until at least Remembrance Day.

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