Prince Edward Island residents are being handed an early Christmas gift from the Island Regulatory and Appeals Commission.
The commission that regulates gas prices on the Island is expected to announce that gas prices will be dropping by 4.0 cents per litre effective midnight tonight.
The news is also good for diesel drivers. Diesel prices are expected to drop by 1.4 cents per litre.
Heating a home will also be cheaper on the Island.
The commission is expected to announce furnace and stove oil prices will fall by 2.0 cents per litre.
The new prices go into effect at 12:01 a.m. on Saturday, Dec. 15.
The commission will make the new prices official Saturday morning.
Pump prices for gas at self-serve stations will now range from 114.7 to 115.7 cents per litre.
According to Gasbuddy.com, a website that tracks gas prices in North America, the average price at the pumps in Canada is 116.6 and holding steady.
The next scheduled price adjustment will be Jan. 1, 2013.