P.E.I. gas price creeps above $2

·1 min read
This is the first time the minimum price of gas has been more than $2. (Richie Bulger/CBC - image credit)
This is the first time the minimum price of gas has been more than $2. (Richie Bulger/CBC - image credit)

The price of gas on P.E.I. didn't go up by much Thursday night, but it was enough to push prices into new territory.

The minimum price at the pump for regular gasoline rose 3.5 cents per litre to $2.028 — the first time gas has cost more than $2 a litre on the Island.

The increase was part of the regular weekly price review from the Island Regulatory and Appeals Commission. Prices for petroleum products have been on an upward trend since Russia invaded Ukraine at the end of February.

It's another record price for gasoline, even taking into account inflation. Records have been set on several occasions this year. Before 2022 the highest price, taking into account inflation, was in July 2008 — peaking at $1.391, which would be $1.839 today.

Diesel and heating oil prices did not change.

Petroleum product prices on P.E.I.

The minimum price for diesel is $2.596 and the maximum price for heating oil is $2.072.

Both are down from record prices set on April 30, when the price for diesel was $2.615 and heating oil was $2.145.

Before 2022, the top price for diesel was $1.577 in March 2014, which would be $1.881 in 2022 dollars. The previous record for heating oil was in July 2008, when it reached $1.274, or $1.52 in 2022 dollars.

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