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Gas, heating oil, diesel prices see another big increase

Gas, heating oil, diesel prices see another big increase

CBC
Friday, July 28, 2023 11:58:49 AM UTC

Energy prices on P.E.I. were up again overnight.

It was the regular, weekly price review from the Island Regulatory and Appeals Commission.

Prices for gas, heating oil and diesel were all up between five and 10 cents per litre.

The price of gas was relatively steady through the first half of the year. There were some ups and downs, but on June 30 the price per litre was just two cents higher than it was on Jan. 1.

That trend has changed in July. It started with the introduction of a new federal carbon tax and the new Clean Fuel Regulations on July 1. In all the price has risen four times this month, and is now 20.1 cents more per litre than it was a month ago.

While gas prices had been steady, prices for diesel and heating oil had been falling for much of the year after peaking in February. As with gas, that trend turned around on July 1.

The price of diesel is 28.5 cents higher than at the end of June, and the price of heating oil 40.3 cents higher. However, prices are still lower than their February peak.

The next scheduled price review from IRAC is Aug. 4.

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