Prince Edward Islanders are now paying more than ever for a litre of gas.

On Friday the Island Regulatory and Appeals Commission increased the minimum price for a litre of regular, self-serve to $1.428.

That tops the previous high of $1.419 in May 2014.

P.E.I. fuel prices take a big jump overnight

Fuel prices on Prince Edward Island jumped again this week. The cost of gasoline, furnace oil and diesel all increased in the latest schedule released by IRAC.

A gas pump is pictured in Surrey, B.C., Tuesday, May 14, 2019. Gas prices in the lower mainland are on the rise and are expected to keep going up over the next several months. THE CANADIAN PRESS/Jonathan Hayward

BC Gas Prices 20190514

The cost of gasoline, furnace oil and diesel on P.E.I. all took a big jump overnight.

If you take into account inflation, however, the current price is far short of the all-time high.

In July 2008 the price reached $1.391, the equivalent of $1.711 today.

P.E.I. gas prices are now more than $1.40/litre.

P.E.I. gas price at record high

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