Gas price up, and could continue to rise
Increased gasoline demand, high crude oil prices, low dollar expected to be factors
The price of gas is up on P.E.I. Tuesday morning, and is expected to continue to rise as the summer approaches.
Prices were up four cents a litre in the regular mid-month price adjustment from the Island Regulatory and Appeals Commission, putting the price at between $1.397 and $1.408 a litre.
IRAC did not provide an explanation for the increase.
National analysts are expecting gas prices to continue to rise. Prices generally trend upward over the summer with more people driving longer distances and pushing demand. The price of crude oil is also going up, and the falling value of the Canadian dollar is a factor.
The price of gas on the Island has been in the $1.30s all year. The minimum price was last over $1.40 in the first half of September. At this time last year, the price of gas was more than 13 cents a litre lower, at $1.264.
While gas is up, the price of heating oil is down five cents a litre, and diesel prices are down 5.1 cents.
Propane prices are unchanged.
The next scheduled petroleum products price adjustment is May 1.