More relief at the pumps for P.E.I. drivers

·1 min read
 This second price drop comes after record-high prices for gas in P.E.I.  (Brian Higgins/CBC - image credit)
This second price drop comes after record-high prices for gas in P.E.I. (Brian Higgins/CBC - image credit)

Gas prices fell for the second week in a row in P.E.I. Friday morning.

The price at the pump is down 5 cents to about $2.11. This second drop comes after weeks of new record highs in the province.

The price of diesel also dropped, this week by 1.7 cents to $2.37. Furnace oil prices remained the same.

It's been an unpredictable time for pricing on petroleum products since Russia invaded Ukraine earlier this year. Oil prices globally are up over concerns about supplies from that area of the world.

The Island Regulatory and Appeals Commission has recently included a section on its website, explaining some of the causes leading to high and volatile prices.

Along with the Russian invasion of Ukraine, IRAC points to other supply and demand issues, and added one reason that originates closer to home.

"The recent increase in the federal carbon levy on Prince Edward Island added approximately 5 cents to a litre of gas and 7 cents to a litre of diesel," reads the website. "Using recent prices, the amount of federal and provincial taxes, including the carbon levy, now total 57 cents on a litre of gas and 60 cents on a litre of diesel."

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