P.E.I. gas price breaks record for 3rd straight week

The price of gas on P.E.I. set yet another record this week.

The price is up for all petroleum products on the Island in the regular weekly review from the Island Regulatory and Appeals Commission.

The minimum price of a litre of regular, self-serve gasoline is up 2.9 cents to $1.486. Two weeks ago, the price topped a previous record set in May of 2014 and has been rising since.

The minimum price for self-serve diesel was up 2.3 cents to $1.569 per litre.

The maximum price for heating oil is up 2.1 cents to $1.222 per litre.

Propane prices are up 1.6to 4.2 cents per litre, depending on the retailer, and maximum prices range from 103.4 to 105 cents per litre.

IRAC said in a news release rising demand for crude oil is driving up the price.

If you take into account inflation, the price for gas on P.E.I. is still far short of the record.

In July 2008 the price of $1.391, which in today's dollars would be $1.711.