P.E.I. gas price climbs up to another new record

·1 min read
The price of gas was on an upward trend through May. (Kevin Yarr/CBC - image credit)
The price of gas was on an upward trend through May. (Kevin Yarr/CBC - image credit)

Following a small dip at the end of May, the price of gas was up again on P.E.I. Friday morning, setting a new record high.

The minimum cost at the pump for a litre of regular gasoline was up 3.5 cents to $2.13.

This was part of the regular weekly price review from the Island Regulatory and Appeals Commission. Prices for diesel and heating oil did not change.

It is the second week in a row the gas price is up. The increase last Friday put the price marginally below the record of $2.10, which was set on May 17.

Prices have been volatile since the invasion of Ukraine by Russia at the end of February, but a lack of refining capacity coming out of the pandemic has also been a factor driving up prices.

Conditions appeared to have settled down in April, but in May consumers saw wild swings in prices for heating oil and diesel, while the price of gas trended generally upward.

P.E.I. petroleum product prices

The gas price started May at $1.85.

Prices for diesel and heating both rose about 30 cents in the last days of April, before dropping close to 50 cents in the middle of May.

The minimum price at the pump for a litre of diesel is $2.13 and the maximum price for heating oil is $1.65. Both are unchanged since May 20.

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