CHARLOTTETOWN, P.E.I. — Islanders are not getting any late Valentine’s love from the Island Regulatory and Appeals Commission when it comes to fuel prices.
Effective at 12:01 a.m. today, the regulatory body increased all petroleum prices across P.E.I.
IRAC said cold temperatures and increased demand over the past two weeks have raised the market price on the New York Mercantile Exchange for all petroleum products.
The cost of gas on the Island increased by 1.6 cents per litre (cpl), meaning pump prices for regular unleaded gasoline at self-serve outlets will now range from 99.4 cpl to 100.5 cpl.
Diesel prices increased by 1 cpl, so the cost at the pump will now range from 126.3 cpl to 127.4 cpl.
Furnace and stove oil prices, meanwhile, went up 1.4 cpl. The maximum price for furnace oil will now amount to 93.3 cpl, plus tax.
Propane prices jumped by 3.4 cpl for Superior Propane, by 1 cpl for Kenmac Energy Inc. and by 3.7 cpl for Irving Energy Distribution and Marketing. Maximum before tax propane prices will now range from 78.8 cpl to 80.7 cpl.
The commission’s next scheduled pricing adjustment is March 1.
