Price of heating oil, diesel skyrocket overnight
CBC
After a month of calm from mid-March to mid-April, volatility has returned to petroleum product prices on P.E.I.
The Island Regulatory and Appeals Commission put prices up overnight in an unscheduled review.
The maximum price for heating oil rose 15.7 cents to $1.87 Thursday morning. The minimum price at the pump for diesel was up 17.2 cents to $2.31.
The price of gas also increased, with the minimum price at the pump up 4.6 cents to $1.79.
The heating oil increase is particularly significant for Islanders. Heating oil is one of the key drivers pushing inflation on P.E.I. above the national average. The consumer price index for fuel oil on P.E.I. was up 83 per cent from March 2021 to March 2022.
Prices rose dramatically following Russia's invasion of Ukraine in late February, setting new records even with inflation factored in.
Prices fell back in mid-March and stayed steady for about a month. Last week they began to rise again, and diesel and heating oil prices were already above the March highs before the increase Thursday morning.
Gas prices are still about seven cents lower than their March peak.