Drivers were hit with a late February surprise this morning as the Island Regulatory and Appeals Commission hiked the price of gas.
Effective just after midnight, gas prices increased by four cents per litre (cpl), meaning the prices at the pump for regular unleaded gasoline at self-serve outlets now range from 104 to 105.1 cpl.
IRAC said the price of petroleum on the New York Mercantile Exchange has increased substantially over the past five days, due to reduced supply from two major refineries in the United States.
Gas prices are up across the country as well. As of Feb. 20, pump prices in Moncton were 104 cpl, in Halifax at 104.2 cpl, Montreal at 118.5 cpl, Toronto at 109.2 cpl with the national average at 113.1 cpl.
Furnace and stove oil prices also increased by 2.3 cpl Thursday, up to a maximum of 95.6 cpl, plus tax.
The cost of diesel increased by one cent, so pump prices now range from 127.4 cpl to 128.6 cpl.
The commission’s next scheduled pricing adjustment is March 1.