CHARLOTTETOWN, P.E.I. - Gas prices dropped by five cents per litre overnight, in an unscheduled pricing decision by the Island Regulatory and Appeals Commission.
Wholesale gas prices have taken a nosedive over the past few days due to a large build-up of gasoline inventory combined with the usual seasonal slowdown in demand, among other factors.
As well, “gasoline refinery maintenance activities are winding up points to an abundant supply of available gasoline,” stated the commission. “This has caused speculators to sell off gasoline future holdings. The result has been a substantial drop in the commodity price of gasoline on the commodities exchange.”
Including adjustments for taxes, pump prices for gasoline at self-serve pumps now range from 120.9 to 122.0 cents per litre.
Furnace and stove oil prices also decreased by one cent per litre in the overnight pricing adjustment, and diesel decreased by 2.2 cpl.
No change was made to the price of propane.
