The spring lobster fishery has been underway for nearly two weeks, but the P.E.I. Fishermen's Association is only now getting an indication of how much their catch is worth.
Ian MacPherson, the executive director of the fishermen's association, said there have been different reports but the prices seem to be in the mid to upper four-dollar range.
"Which is a decent start," MacPherson said.
"Certainly we'd like to get over that five-dollar mark because that's the range where fishers can start to make some money," he said. "There is little or no inventory and the water remains cold. So the catches in most ports are down."
MacPherson said if this trend continues, supplies will be limited, which will likely lead to a jump in the price fishermen will get for their catch.
Demand for lobster is usually strong during the Mother's Day weekend.
MacPherson is optimistic the price will reach at least the five-dollar mark or beyond as the season continues.
Fishermen frustrated waiting for price
When this year's lobster season opened at the beginning of May, fishermen on P.E.I. said they were frustrated waiting days, sometimes weeks, to find out how much they would get for their catch.
Local fisherman Alan Campbell, told CBC News in a May 2nd interview, fishermen need to know the price beforehand.
"There's no one else, no other sector that comes in with their product and sells it to their buyer that have absolutely no idea what they're going to get for the next week, or two weeks, or three weeks. It's high time it changed," he said.
Knowing what their catch is worth, is necessary to help budget with the cost of bait and rising fuel prices.
Lobster landings are worth about $80 million per year to the Island's 1,300 commercial fishermen.
Spring lobster season runs until the end of June.