PEI

Gas, heating fuel prices jump by 12 cents a litre overnight in P.E.I.

The price for gasoline, heating oil and diesel went up 12 cents per litre following IRAC's weekly adjustment on Friday. With taxes, you'll pay 14 cents more a litre.

Self-serve, regular unleaded gasoline now at between $1.71 and $1.72

Many Islanders took a trip to the gas station Thursday evening in anticipation of the price hikes. (CBC)

The price for gasoline, heating oil and diesel went up 12 cents per litre following IRAC's weekly adjustment on Friday.

Self-serve, regular unleaded gasoline now costs between $1.71 and $1.72 cents a litre, a new record high. The previous record high was $1.57-$1.58, set on Feb. 11.

When taxes are added, that means Islanders are paying about 14 cents more per litre when they head to the pumps.

The adjustment comes as Russia's invasion of Ukraine continues, and economic sanctions against the oil-rich country keep mounting.

Heating oil is $1.46 a litre, and diesel is between $1.87 to $1.88.

A screenshot of the new gas, diesel and heating fuel prices as shown on the IRAC website on Friday. (CBC)

In anticipation of the price hike, hundreds of Islanders went to fill up their tanks on Thursday evening.

Lineups at the Cornwall Quickstop Esso were backed up. The Irving on Riverside Drive in Charlottetown ran out of regular gasoline, something which operators say doesn't happen very often.

The new gas price is shown on the sign at Cooper's Red and White in Belfast. Gasoline prices jumped 12 cents a litre in the province, or 14 cents when taxes are included, as Russia's invasion of Ukraine continues. (CBC)

The gas price is still lower than the inflation adjusted price of $1.391 reached in July 2008, which would be equivalent to around $1.81 today.

Further increases are set to happen in the coming weeks, with the federal government's carbon tax going up on April 1st.

 

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