P.E.I. gas prices take biggest jump of the year

·1 min read
Prices are up 22% since the start of the year. (Mitch Cormier/CBC - image credit)
Prices are up 22% since the start of the year. (Mitch Cormier/CBC - image credit)

P.E.I. gas prices leapt upward overnight building on a steady increase that started at the end of last year.

This was part of the regular, weekly price review from the Island Regulatory and Appeals Commission, and the biggest weekly increase so far this year.

The price of a litre of regular, self-serve gasoline rose 5.8 cents a litre Friday morning, to $1.28. The increase was 5.0 cents a litre before taxes.

That's a 22-per-cent increase since the beginning of the year and the highest price since July of 2019.

There was no change in the price of diesel or heating oil.

In a news release, IRAC said prices are going up across Canada due to relatively low supply and increasing demand.

"Gasoline production in the US is now 9% below the five-year average, while demand is increasing as the US economy re-opens," the release said.

"This directly impacts the price of gasoline in Atlantic Canada as the base price for gasoline in the region is set daily on the New York Mercantile Exchange."

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