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P.E.I. gas prices rise 3.5 cents Thursday morning

What will falling gas prices mean for pocketbooks, industry, the economy? 
Gas prices on P.E.I. increased by 3.5 cents per litre on Thursday, March 1, 2018.  - SaltWire Network

March petroleum prices have come in like a lion, with a 3.5-cent-per-litre increase to gas and diesel prices, and a 3.8-cpl jump for furnace and stove oil.

The Island Regulatory and Appeals Commission approved the prices, which came into effect 12:01 a.m. March 1.

“Increased demand combined with reduced inventories have pressured wholesale pricing as of late necessitating the price adjustments announced today,” stated the commission in announcing the changes.

The price for regular, unleaded gasoline at self-serve outlets now costs between 116.8 to 118.0 cents per litre. Pump prices for diesel now range from 126.2 to 127.3 cents per litre.

The maximum price for furnace oil will now amount to 89.3 cpl, plus tax.

Propane prices also increased by 1.2 cpl for Superior Propane, by 1.0 cpl for Kenmac Energy Inc. But the price was reduced by 2.0 cpl for Irving Energy Distribution and Marketing propane. Maximum, before-tax propane prices will now range from 86.9 to 89.9 cpl.

The commission’s next scheduled price adjustment will be on March 15.

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