Price of gas takes unexpected leap overnight on P.E.I.

The price of gas jumped significanty overnight on P.E.I., in an unscheduled increase by the Island Regulatory and Appeals Commission.

Just after midnight the minimum price for self-serve gasoline rose 7cents per litre. Prices nowrange from $1.22per litre to $1.23per litre, according to IRAC.

Gas prices across eastern Canada are seeing similar spikes.

'High demand, limited supplies'

IRAC says asignificant rise in petroleum prices on the New York Mercantile Exchange overthe past week, high demand, and limited supplies caused by a refinery closure in the UScontributed to the unscheduled increase.

Pump prices for self-serve diesel will increase by 5 cents per litre, rangingfrom $1.29to $1.30 per litre.

Islanders will see furnace prices increase by 4 cents per litre. Including taxes, the maximum price for furnace oil is $0.98 cents per litre.

This week, prices increased by 6.5 cents per litre in Nova Scotia; by 5.8 cents per litrein Montreal, and by 6.9 cents per litrein Toronto.

IRAC says price adjustments for propane will be announced Monday, July 1 as scheduled.

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