Gas prices are going down again in Prince Edward Island.
Prince Edward Island residents are getting an unexpected but this time pleasant surprise from the commission that regulates fuel prices on the Island.
The Island Regulatory and Appeals Commission is set to slash prices for gas, diesel and home heating oil overnight, The Guardian has learned.
Gas prices will be cut by 4.0 cents per litre. That will push pump prices down to between 128.4 and 129.5 cents per litre.
But the good news doesn’t stop there.
Diesel prices will drop by 3.0 cents per litre.
Furnace and stove oil prices will drop by 2.0 cents per litre.
The new prices will go into effect at 12:01 a.m. on Wednesday, Sept. 25.
This is an unscheduled price adjustment.
Fuel prices are usually adjusted at the beginning and middle of each month. However, the commission reserves the right to adjust prices outside of that schedule when market conditions warrant.
The Island Regulatory and Appeals Commission will make the new prices official on Wednesday.
Even with this latest price slash, P.E.I. prices are still above the national average, according to Gasbuddy.com, a website that tracks gas prices in Canada.
Gasbuddy.com says the average gas price in Canada is now 126.1 cents per litre and falling, which means the Island’s prices are still two- to three-cents more per litre than the national average.