The minimum price for a litre of regular, self serve gasoline on P.E.I. hit a record high Thursday morning.

The Island Regulatory and Appeals Commission approved an increase of two cents per litre, allowing a range between $1.419 and $1.431 per litre. That beats the record minimum price of $1.403 set in September 2013.

The increase comes as gas prices are beginning to fall across the country after spiking last week. According to numbers published by Gas Buddy, the P.E.I. price is a little above the Canadian average, about two cents higher than in New Brunswick and four cents cheaper than Nova Scotia.

Furnace oil and diesel is also up, both by two cents a litre. That sets furnace oil at $1.103 per litre, and the diesel self-serve minimum price at $1.461.

Propane is down by as much as 4.7 cents a litre, with prices varying by distributor.