P.E.I. gas price jumps up again

The price of gas was up again overnight on P.E.I., the fourth increase this month.

This was an unscheduled price review by the Island Regulatory and Appeals Commission.

The minimum price at the pump for a litre of regular gasoline rose eight cents to $2.108. The prices for diesel and heating oil did not change.

Prices for all three have been hitting record highs this spring, even with inflation factored in.

Prices have been generally increasing since the Russian invasion of Ukraine at the end of February, as world oil prices go up over concerns that Russian oil supplies could be cut off.

Higher margins at refineries have also been identified as a factor in price increases.

The gas price on P.E.I. is up more than 25 cents a litre since the end of April. In that same period crude oil prices have risen about 15 per cent.

The next scheduled price review is Friday.