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.