Fuel prices dive on P.E.I.

·1 min read
The price of gas is still about 25 cents more a litre than it was at the end of February. (Matthew Howard/CBC - image credit)
The price of gas is still about 25 cents more a litre than it was at the end of February. (Matthew Howard/CBC - image credit)

Prices for gas, diesel and heating oil all fell sharply overnight on Prince Edward Island.

It was the weekly price review from the Island Regulatory and Appeals Commission on Friday.

The minimum price at the pump for regular gasoline dropped 9.2 cents to $1.819 per litre.

The maximum price for heating oil was down 7.4 cents to $1.473 per litre.

Diesel was down 8.1 cents to $1.956. That is the first time the price has been below $2 since early March, shortly after prices spiked following Russia's invasion of Ukraine.

P.E.I. petroleum product prices

Propane prices were unchanged, averaging $0.978 per litre for bulk delivery.

While the war has been an easy target of blame for fuel prices, the COVID-19 pandemic also played a part.

Refining capacity was cut due to low demand during the pandemic, and took some time to catch up when demand rose quickly in the spring as people got back to travelling. The short supply allowed refiners to increase their profit margins.

Fuel prices have been on a downward trend since June, with gas and heating oil prices down almost 40 cents and diesel prices down even more.

But all the fuel prices are still well above their February levels. Gas and diesel are both close to 25 cents more a litre, and heating oil is up close to 15 cents.

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