Fuel prices drop in 10th change this month

The price of gas, diesel and heating oil all fell on P.E.I. overnight, with the war in Ukraine still creating volatility in world oil markets.

This was an unscheduled price review from the Island Regulatory and Appeals Commission.

The minimum pump price of self-serve regular gas fell 5.8 cents to $1.67per litre. Diesel is also down 5.8 cents, to $2.09. The maximum price for heating oil dropped 5.2 cents to $1.67.

IRAC schedules a weekly review for price changes on Fridays, which in a regular month would have meant four reviews in March. This is the 10th price review for this month.

At the end of February, as the war started, the price of gas on the Island was $1.57. In the course of a week it jumped to an all-time record high of $1.86. It has been up and down since then, but the overall trend is currently downward.

Heating oil has not seen the same trend. It hit an early peak of $1.65on March 8. After falling to $1.47 it is back up above the early March price.

The next scheduled price review is April 1. Part of that review will be the addition of another 4.4 cents to the carbon levy.