P.E.I. gas prices leap back up

Prices on P.E.I. for gas, heating oil and diesel all took a big jump upwards Friday.

The changes came with the regular weekly price review from the Island Regulatory and Appeals Commission.

• The price of a litre of regular, self-serve gasoline is up 7.2 cents to a minimum of $0.80.
• Diesel is up 6.3 cents a litre to a minimum of $0.84.
• Heating oil is up 4.0 cents a litre to a maximum of $0.55.

Propane prices are also up for some retailers, between 1.7 and 2.5 cents per litre. Some retailers did not change their prices.

Prices for petroleum products have been at historic lows, driven downward by a lack of demand in the pandemic, and by a crude oil price war between Saudi Arabia and Russia.

These have been the lowest prices for gas since the recession of 2008-09. In January 2009 the price of gas fell to $0.67 per litre.

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