P.E.I. gas price down again, falling nearly 7 cents

·1 min read
Gas prices have been falling for a month. (Axel Tardieu/CBC/Radio-Canada - image credit)
Gas prices have been falling for a month. (Axel Tardieu/CBC/Radio-Canada - image credit)

The cost of gas on P.E.I. took another significant drop on Friday, continuing a month-long trend of falling prices.

It was part of the regular weekly price review from the Island Regulatory and Appeals Commission.

The minimum price at the pump for a litre of gas fell 6.9 cents to $1.92. The price hit a record high $2.18 on June 10 but has been down every week since, falling below $2 last week.

Prices for diesel and heating oil were also down.

The minimum price for diesel dropped 3.5 cents to $2.09 and the maximum price for heating oil 3.1 cents to $1.58. Those prices are down for the fourth week in a row. Record highs for those fuels came in May. They fell precipitously off those highs before bouncing back up again for a time in June.

P.E.I. petroleum product prices

Petroleum prices have been volatile since Russia's invasion of Ukraine at the end of February, because Russia is a major supplier of oil on world markets. But the COVID-19 pandemic has also been a factor, with the industry slow to ramp back up following the crash in demand in 2020.

Propane prices have escaped that volatility. They have remained at an average of about $1 per litre throughout the spring and summer.

On Friday the average price across different retailers was steady, at $0.99 per litre for bulk delivery.

The next scheduled price review from IRAC is July 22.

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