P.E.I. heating oil, diesel prices plummet

·1 min read
After a big jump at the end of April, the price for diesel had been mostly steady before Wednesday morning. (Angela McInnes/CBC News - image credit)
After a big jump at the end of April, the price for diesel had been mostly steady before Wednesday morning. (Angela McInnes/CBC News - image credit)

The wild ride for petroleum products prices over the past 11 weeks on P.E.I. continued Wednesday morning.

The price for diesel and heating oil fell double digits overnight in an unscheduled price review by the Island Regulatory and Appeals Commission.

The maximum price for a litre of heating oil fell 15.8 cents to $1.914. The minimum price for a litre of diesel was down 17.2 cents to $2.424.

The price of gas, which rose Tuesday, did not change.

It amounts to big savings if your tank gets topped up now: $8.60 on 50 litres of diesel and $94.80 on 600 litres of heating oil.

Prices have generally been rising for petroleum products since Russia invaded Ukraine at the end of February, with world prices up over concerns about supplies of Russian oil being cut off.

Petroleum product prices on P.E.I.

There have also been some large, sudden drops. Prices for diesel and heating oil took an even steeper dive on March 12, a day when gas prices also fell.

The next scheduled review of petroleum product prices by IRAC is Friday.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting