The price of gas rose for the third consecutive Friday and is a new record. Diesel and oil prices rose for the second time this week.
This was the regular weekly review by the Island Regulatory and Appeals Commission.
The minimum price of a pump per liter of regular gasoline increased by 5.7 cents to $ 2.18. Last week’s price was also at a record high.
The price of diesel rose the same amount, 5.7 cents, to $ 2.28. The maximum price for oil rose by one penny to 1.74 dollars. Friday’s increase came in addition to an unplanned adjustment on Tuesday.
Diesel and heating oil prices are still lower than the records set at the end of April.
IRAC added a page to its website to explain why gas prices are so high.
He notes that the Russian invasion of Ukraine has disrupted oil supplies from Russia. He also cited an increase in the carbon tax, which adds five cents to the price of gas and seven to the price of diesel.
Analysts are also blaming the pandemic.
Many refineries were closed due to low demand during the pandemic, and refining capacity remained low as demand increased. This high demand and low supply have allowed operating refineries to increase their profit margins.
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