Price of gas takes unexpected leap overnight on P.E.I.
IRAC approves increase of 7 cents per litre for self-serve gasoline
The price of gas jumped significanty overnight on P.E.I., in an unscheduled increase by the Island Regulatory and Appeals Commission.
Just after midnight the minimum price for self-serve gasoline rose 7 cents per litre. Prices now range from $1.22 per litre to $1.23 per litre, according to IRAC.
Gas prices across eastern Canada are seeing similar spikes.
'High demand, limited supplies'
IRAC says a significant rise in petroleum prices on the New York Mercantile Exchange over the past week, high demand, and limited supplies caused by a refinery closure in the US contributed to the unscheduled increase.
Pump prices for self-serve diesel will increase by 5 cents per litre, ranging from $1.29 to $1.30 per litre.
Islanders will see furnace prices increase by 4 cents per litre. Including taxes, the maximum price for furnace oil is $0.98 cents per litre.
This week, prices increased by 6.5 cents per litre in Nova Scotia; by 5.8 cents per litre in Montreal, and by 6.9 cents per litre in Toronto.
IRAC says price adjustments for propane will be announced Monday, July 1 as scheduled.