Gas prices get axed across P.E.I.

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Gas prices are going down again in Prince Edward Island.

Get ready to play less at the pumps – a lot less.

The Guardian has learned gas prices will be slashed by 7.5 cents per litre in an unscheduled price adjustment tonight.

The Island Regulatory and Appeals Commission, which regulates gas prices in Prince Edward Island, usually adjusts prices on the first and the 15th of each month.

Effective tomorrow, gas prices will range from 121.0 to 122.0 cents per litre.

Diesel, furnace and stove oil and propane prices will remain unchanged.

The commission will make the new prices official Wednesday morning.

Gasbuddy.com, a website that tracks gas prices in Canada, says the average price at the pumps is now 127.1 cents per litre and falling.

 

Organizations: Island Regulatory and Appeals Commission

Geographic location: Prince Edward Island, Canada

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  • itsaboutthemoney
    October 24, 2012 - 23:09

    Its mainly because of our huge reliance on oil its all about our consumption, and because we go through seasons in canada it gets cold and well we need it, and refine enough oil to run the world another 10 years why arent we fueling ourselves until we have alternative measurres completly accross the board and not just ideas but developments, cities that are already constructed where we have no reliance on oil, instead of playing our cards in the markets and selling it all to the world, and than buying it back usually when prices are low and stockpile so much of it, so that whenever prices go lower than what the cost of what they paid per barrell it doesnt really matter , nor that they already made their money back either they want to make as much of it as possible so they are in full control mainly because they control what else is available and well if they dont do anything about it it's apparently up to us. but the govnerment should know all to well of what can be done as alternative measures why arent we seeing more of this, why not try to attract buisness's that sell solar panels get a great deal on a lump sum of them and offer it to citizens at a lower cost, or through a new tax like the one being implemented the hst not add a new one but use the HST, that would lower our reliance we could heat water for example instead of oil, smaller houses could have in floor heating just small steps that make a difference if continued over 10 years implementing new things every 6 months to every islander no matter what, because if the HST is bringing in an additional 23 million dollars per yr that surely is enough to do something, that would be good govnering in todays world youd think not just doing it without justification more less with a smile saying we appreciate his decisions in knowing whats best for every islander, do something that would help starting at the core, if people had more disposable income theyd spend it and our buisnesses wouldnt be going under, our market would be doing better and even after the 10 yrs have it become new home owners grant act of so n so year that give u something every 6 months as an effort to get you into becomming self sustainable in your home, than as transportation, well there is electric cars, but there could be more options more availablity affordabilty, etc

  • WAIT FOR IT
    October 24, 2012 - 11:30

    You think furnace oil is high now. Wait until the HST comes in. That is an extra 10 per cent on the cost of the oil. An example a 500 lite delivery will cost you an extra 55 dollars. Furnace oil will not go down until May and gas will rise dramitically in May when people start to travel again. sUPPLY AND DEMAND. AND DON'T FORGET GREED

  • wheels
    October 24, 2012 - 10:00

    I shiuld have put wheels on my furnace.

  • MOE
    October 24, 2012 - 09:21

    Please when I purchased my first car in 1972 , I could fillet for $4.50 a tank not a gallon . Now lets talk gas down, winter is coming furnace oil up . We can't move in with our neibours as we can or maybe ask for a lift If they are travelling the same way .In our home we add a polar fleece jacket and fleece pants , come on Ghize do something about the furnace oil.

  • Ilokid
    October 24, 2012 - 08:27

    I am not sure I understand the mechanics of setting prices for gas and heating oil. Surely, if the price of oil decreases, then both commodities should decrease, so how can gas decrease but heating oil remain unchanged. Hang on - winter's coming, which means people drive less, but have to start using increased amounts of heating oil, Good to see that the Island's Regulatory and Appeals Commission has the best interests of the oil industry at heart.

  • Giddy up
    October 24, 2012 - 07:46

    As far as I'm concerned , The price can drop @ least another .20 cents or more. DON"T be happy with this................the price for a barrel of oil is $88.

    • JMC
      October 24, 2012 - 08:38

      I'm assuming you mean 20 cents, not .20 cents. But yeah...When they talk about the cost of a barrel of oil, it's still crude oil-unprocessed as gasoline/heating oil/etc. Still though, the main part of this problem lies in 2 areas - 1: oil is a finite resource, meaning that the people controlling it have noticed it's less abundant, and want to capitalize on what's left. 2: the Chinese have gone from using 1/2 barrel per person per year, to something like 5 barrels per person per year. Considering that China's population is into the hundreds of millions, this means that their 10x consumption is leeching the rest of the world of what would normally be available. Because of this, gas prices likely won't ever go down that much ever again. My thoughts are that it's time to invest more heavily in alternate-fuels like corn, batteries, and others.

  • wouldvebeennice
    October 24, 2012 - 06:57

    This is great news, however it would've been nice if diesel, and furnace oil came down as well, this would help the farmers while they harvest and for people heating their homes.

  • IRAC
    October 24, 2012 - 06:31

    with all these unscheduled adjustments, why do we still need IRAC? I just don't understand how a grocery store knows how to price that halloween candy without them being told.

  • Frank Murphy
    October 24, 2012 - 06:22

    Gas prices are still too high.People pool together.I am a walker and see almost all cars have 1 person,and speed down University Ave on rainy days without consideration for walkers.SLOW DOWN.I had a SHOWER!! Take the bus,you can text on it,without worrying about being pulled over!

  • pinky
    October 23, 2012 - 22:58

    Hope this does not mean price will rise on 15th.

  • what gives
    October 23, 2012 - 20:14

    This is great news but what about furnace oil. Come on lower it. The only reason is greed and money. Pretty bad when furnace oil is only eleven cents less than gas. There was never this closeness in price before. Irac you are showing your true colors as a bunch of hypocrites and cold blood liars. Furnace oil should be aroundeighty five cents but no it is the winter coming and us assholes will screw people. pei is a joke.

  • ANNOYED.
    October 23, 2012 - 19:31

    IT'S ABOUT FLIPPING TIME,DON'T YA THING. IRAC HAVE BEEN KEEPING THE PRICE HIGH FOR FAR TO LONG. WHILE OIL PRICE'S WERE DROPPING , IRAC KEEP PUT THE GAS PRICE UP. TIME FOR A PARTY, BUT HOW LONG WILL THE PARTY LAST??

    • The one mouthed monster
      October 24, 2012 - 11:52

      The same one mouth monster that spit out Plan B, HST and feeds tax dollars into IRAC: Robert Ghiz, Robert Vessey, Valerie Docherty, Janice Sherry, Allen Roach, Charles McGeoghegan, Alan McIsaac, Buck Watts, , Robert Mitchell, Doug Currie, Richard Brown, Kathleen Casey, Bush Dumville, Ron MacKinley, Carolyn Bertram, George Webster ,Wes Sheridan, Gerard Greenan, Paula Biggar, Sonny Gallant, Robert Henderson, Pat Murphy. Plan B has proved that for all the representation they have provided, we may as well have voted for one person.