Gas price up again, but heating oil back down

CBC
·1 min read
Heating oil is just a few cents more expensive than it was at the end of February of last year. (Toby Talbot/AP Photo - image credit)
Heating oil is just a few cents more expensive than it was at the end of February of last year. (Toby Talbot/AP Photo - image credit)

The price of gas is up Friday morning on P.E.I., but an increase in heating oil last week does not appear to have turned into a trend.

It was the weekly review of petroleum prices from the Island Regulatory and Appeals Commission.

After a declining trend in early February, the price of gas has been up in three of the last four weeks. On Friday the minimum price at the pump rose 5.8 cents to $1.669 per litre. That's up 7.0 cents from a month ago.

With the exception of last week the heating oil price has been falling since early February. The maximum price for heating oil was down 4.2 cents to $1.366 per litre, essentially eliminating last week's increase. The heating oil price is down 28.3 cents in the last month.

The diesel price was also down. The minimum price at the pump dropped 5.7 cents to $1.946 per litre. Diesel prices have also been on a downward trend since early February, though like heating oil they were up last week.

Diesel is 29.8 cents cheaper than it was a month ago.

P.E.I. petroleum product prices

2022 was an expensive year for petroleum products, with prices spiking following the Russian invasion of Ukraine and rapidly increasing demand as pandemic travel restrictions were lifted.

The heating oil price is now just a few cents higher than it was at the end of February last year, before the start of the war. Gas is about another dime more, and diesel costs about another 20 cents.

The next scheduled price review from IRAC is March 17.

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