Furnace oil, diesel prices take big jumps on P.E.I.

The price of both furnace oil and diesel took big jumps on P.E.I. Tuesday.

In an unscheduled change, the price of furnace oil rose 22.5 cents per litre, or about 11per cent. The price of diesel increased by 18.8 cents per litre, about seven per cent.

The maximum price for furnace oil is now $2.20 per litre. Diesel prices will range from $2.75 to $2.76 per litre.

IslandRegulatory and Appeals Commission's has said it is normal for heating oil prices to go up with higher demand in the fall, and this year increased demand in Europe and reduced production by OPEC led to a sharper increase.

The price of petroleum productsis based on several factors, includingtime of year, supply and demand, natural disasters, extreme weather and disruption in supply due to civil unrest and war, IRAC has said.

Gas at the pumps was unaffected, with prices around $1.95a litre.

IRAC's next scheduled price announcement is Friday.