PEIFA to conduct own lobster price survey

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The Prince Edward Island Fishermen’s Association is now conducting internal lobster price comparisons among its membership.

Association president Mike McGeoghegan said the group has undertaken the move in the wake of what has been an unusual season in terms of price. The veteran fishermen said there are significant differences in ports across the province – something that rarely occurs.

 “Prices paid for canner lobsters are up to 75 cents per pound lower in some areas and  there is a difference of up to 70 cents per pound is in the market lobster segment.”

He said the internal review will be in addition to the weekly market prices compiled by the provincial Department of Fisheries, Aquaculture and Rural Development. For second week of the season, the association found Canner prices ranging from 3.75 to 4.50 and market prices of 4.25 to 4.95 per pound.

He explained the demand for canner lobsters has increased over the past several years narrowing this historical price gap. The association president added “The price differential paid in the same lobster category is larger than in past years and the PEIFA is researching why this differential exists. All pre season lobster inventories were low and demand for canner lobsters remains strong.”

The association will continue to monitor prices throughout the 2012 spring and fall lobster seasons. He added, “each additional five cents paid to Island fishers pumps over one million dollars into the local PEI economy.”

Organizations: Department of Fisheries, Rural Development

Geographic location: Prince Edward Island Fishermen

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