November 28, 2018 | by: Chris Pride

Unscheduled adjustment drops PEI fuel prices

The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, November 28, 2018:

  • Gasoline prices will decrease by 3.1 cents per litre (cpl);
  • Furnace and stove oil prices will decrease by 6.5 cpl;
  • Diesel prices will decrease by 5.6 cpl; and
  • There will be no change in propane prices at this time.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will range from 105.1 cpl to 106.3 cpl. Pump prices for diesel will range from 128.2 cpl to 129.4 cpl. Maximum before tax propane prices will continue to range from 80.3 cpl to 81.4 cpl.

The maximum price for furnace oil will now be 91.8 cpl, plus tax.

Significant reductions in the wholesale pricing of gasoline, furnace oil and diesel observed over the past week allow for the unscheduled pricing adjustments announced today. The prospect of continued lower crude prices and a sustained build in refined product inventories have combined to contribute to current market conditions.

The Commission’s next scheduled price adjustment will be on December 1, 2018.