February 21, 2019 | by: Chris Pride

SURPRISE! PEI gas prices go up 4 cpl

Unscheduled Price Adjustments

The Island Regulatory and Appeals Commission approved the following increases in petroleum prices in an unscheduled price adjustment, effective 12:01 a.m., Thursday, February 21,2019:

  • Gasoline prices will increase by 4.0 cents per litre (cpl);
  • Furnace and stove oil prices will increase by 2.3 cpl; and
  • Diesel prices will increase by 1.0 cpl.

New Fuel Prices

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 104.0 cpl to 105.1 cpl. Pump prices for diesel will now range from 127.4 cpl to 128.6 cpl. The maximum price for furnace oil is now 95.6 cpl, plus tax.

Blame New York

The price of petroleum on the New York Mercantile Exchange has increased substantially over the past five days. Reduced supply from two major refineries in the United States has driven up the price.

Price Breakdown

Market Comparisons

PEI – 104.0 – 105.1 cpl

Moncton – 104.0 cpl

Halifax –  104.2 cpl

Montreal – 118.5 cpl

Toronto – 109.2 cpl

National Average – 113.1 cpl

*** all prices based on IRAC press release