Gas prices drop 1.4 cents per litre

Price Adjustments

The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, February 1, 2019:

• Gasoline prices will decrease by 1.4 cents per litre (cpl);
• Furnace and stove oil prices will increase by 1.0 cpl;
• Diesel prices will increase by 1.0 cpl; and
• Propane prices will decrease by 2.2 cpl for Irving Energy Distribution and Marketing, by 1.1 cpl for Superior Propane and there will be no change for Kenmac Energy Inc.

New Prices

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 97.5 cpl to 98.7 cpl. Pump prices for diesel will now range from 125.1 cpl to 126.3 cpl. Maximum before tax propane prices will now range from 76.1 cpl to 77.8 cpl.

The maximum price for furnace oil is now 91.9 cpl, plus tax.

Reduced demand and high inventory levels led to a decrease in gasoline and propane prices today. Conversely, continued high demand for heating fuels increased furnace oil and diesel prices.

Breakdown

Market Comparison

PEI – 97.5 – 98.7 cpl

HALIFAX – 100.4 cpl

MONCTON – 101.8 cpl

MONTREAL – 109.4 cpl

OTTAWA – 90.6 cpl

CALGARY –  94.8 cpl

VANCOUVER – 124.0 cpl

** all prices based on average pump prices as listed on GasBuddy.com except PEI prices which are from above press release.