Scott Robinson failed to convert a penalty in added time as East Fife missed the chance to go third with a 1-0 defeat to Albion.
Home goalkeeper Ross Stewart was in top form throughout and stayed firm to deny Robinson after Jamie Insall was brought down inside the area.
Albion had taken the lead 10 minutes after half-time, as Ryan Wallace capitalised on a mistake from Jason Kerr before finishing into an open goal.
Chris Duggan was wasteful in front of goal while Alex Cooper and Robinson saw efforts saved before the latter's dramatic late penalty.
The win moves the home side into seventh in the table, while East Fife remain fourth.
Scottish League One Standings
| POS | Team | GP | GD | PTS |
|---|---|---|---|---|
| 1 | Raith Rovers | 28 | +16 | 53 |
| 2 | Falkirk | 28 | +36 | 52 |
| 3 | Airdrieonians | 28 | +11 | 48 |
| 4 | Montrose | 28 | +10 | 47 |
| 5 | East Fife | 28 | +8 | 45 |
| 6 | Dumbarton | 28 | -9 | 38 |
| 7 | Clyde | 28 | -8 | 34 |
| 8 | Peterhead | 27 | -14 | 26 |
| 9 | Forfar Athletic | 28 | -21 | 24 |
| 10 | Stranraer | 27 | -29 | 16 |
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