Propane prices hit record highs
P.E.I. homes and businesses that use propane are facing the highest prices ever charged on the Island, with prices up more than 60 per cent in the last year.
The current maximum price is $1.164 a litre. Depending on the supplier, prices are up between 21 and 29 cents since December.
Laura Pattison of 48 Road, north of Montague, converted her home from oil to propane heat back in 2012.
"One of the reasons we made the switch was because the price of oil was going up and up and up, so we thought that propane would be not only a cheaper option but also more efficient," said Pattson.
"Maybe it would have been a better idea to just stay oil. And not only that but the oil gets a rebate with the tax and propane doesn't. If we'd have known those things two years ago it definitely would have affected our decision."
Heating oil on P.E.I. is eligible for an HST rebate, but propane is not.
The Island Regulatory and Appeals Commission, which regulates petroleum product price on P.E.I., says propane prices are reaching record highs across North America, in part because of the cold weather. There have also been supply issues in Atlantic Canada, with the refinery in Dartmouth shutting down last fall, and the refinery at Come By Chance in Newfoundland producing below capacity.
IRAC says prices should drop as Come By Chance comes back to full capacity and if the weather remains mild.