The price of gasoline increased overnight on Prince Edward Island, rising by nearly three cents per litre, while the price of diesel remained unchanged. The adjustment, announced early Tuesday, brings the average price of regular self-serve gasoline to approximately $1.52 per litre across the province.
Impact on Consumers and Businesses
This price hike is expected to affect both consumers and businesses, particularly those reliant on transportation and logistics. The increase comes amid global volatility in oil markets and fluctuating refinery output. Islanders have faced several price adjustments this year, with costs varying significantly from month to month.
Key details:
- Gasoline prices rose by 2.9 cents per litre effective 12:01 a.m. Tuesday.
- Diesel prices remained steady at an average of $1.45 per litre.
- The last price change occurred on May 26, when gas dropped by 1.5 cents.
Regional Comparisons
Compared to other Atlantic Canadian provinces, P.E.I.'s gas prices remain moderately higher than Nova Scotia and New Brunswick, but lower than Newfoundland and Labrador. The Island Regulatory and Appeals Commission (IRAC) adjusts prices weekly based on market trends.
IRAC noted that the increase reflects higher wholesale costs and a weaker Canadian dollar. The commission continues to monitor the situation and will announce further changes as needed.
Residents are advised to plan fuel purchases accordingly, as prices may continue to fluctuate in the coming weeks.
