Gas, furnace oil prices drop in P.E.I.

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Gas prices

Falling world oil prices have prompted the agency that oversees P.E.I.’s petroleum prices to make an unscheduled price reduction.

Overnight, gas prices dropped by 3.3 cents per litre.

Including adjustments for taxes, pump prices at self-serve outlets will now range from 95.9 to 97.0 cents per litre.

Furnace and stove oil prices dropped by 4.0 cents per litre. Prices are now at 75.7 cents per litre.

RELATED: P.E.I. government increasing funding to heating oil assistance program

Diesel prices were cut by 3.0 cents per litre.

There was no change in propane prices.

The Island Regulatory and Appeals Commission says significant decreases in wholesale prices prompted the unscheduled price adjustment.

The next scheduled price adjustment is on Dec. 15.

Organizations: Island Regulatory and Appeals Commission

Geographic location: P.E.I.

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Recent comments

  • Cromwell
    December 11, 2015 - 20:55

    Once again, IRAC is merely the mouthpiece of the reality of North American pricing for refined petroleum products and always reflects a change in the base price of the particular petroleum product. Questions that should be raised to IRAC include: - the US base price for gasoline is based on the NY Harbor Cargo price. This price includes the refiners margin and, in Canadian currecy, is currently 42.7¢/litre. In Canada, the refiners use 'Rack Pricing' as their base, and, for PEI, this is 52.4¢/litre. This means that the sole refiner in Atlantic Canada, Irving, is adding an additional 9.7¢/litre to the base gas price, over and above that established in the US. - The base price for diesel is 43.3¢/litre, yet there is a significant margin of more than 11¢/litre when diesel is sold in Atlantic Canada. Why? - Price for gas in Fredricton is 86¢/litre, Moncton, ¢/litre and Halifax 90¢/litre. Why does PEI pay more for gas, when taxes are similar (in fact, taxes in Nova Scotia are higher) It is recognised that Canadian taxes are higher than those in the US, but the current price in Bangor, Maine, at 67.7¢/litre speaks more to the excessive price gouging by Canadian refiners .

  • Bill Brunsey
    December 11, 2015 - 18:56

    PLEASE, you are wrong. The average price for] a litre of gas in the U.S. is 61 cents and not 48 cents while the average price in Canada is 81 cents. With the exchange rate being what it is, the American price equals the Canadian price. You cannot compare the American price and P.E.I price because of the difference in the taxes paid here and since the oil is paid for in U.S. dollars, the exchange rate has to be considered when pricing gas here.

    • Cromwell
      December 11, 2015 - 21:10

      Given access to the internet, it is easy to compare gas prices in Canada and the US. Price in Bangor, Maine is C 67.7¢/litre, while in Charlottetown, it is around C 95.5¢/litre. While Canadian taxes play a a role in increasing the cos of gas in Canada, the additional profit margin by Canadian refiners, currently almost ¢/litre above their American counterparts, also has a significant impact. There is currently 1 refinery servicing all of Atlantic Canada - Irving, in St. John, NB. Hence there is no competition, and 'rack pricing' can be artificially changed to maxmise the profit margin. By the way, the current average gas price in the USA is C70.3¢/litre, while the average in Canada is C97.4¢/lire.

  • freddy van
    December 11, 2015 - 15:32

    AND YOU THINK THE PEI LIBERALS ARE DOING SUCH A GREAT JOB...NOT!

  • PLEASE
    December 11, 2015 - 08:35

    Oil is at 36 dollars a barrel. The States are paying 48 cents a litre and we should jump for joy at 95 cents a litre. It gets to the point that IRAC cannot ignore the fact that oil has dropped 200 per cent a barrel and pump prices have literally stayed the same on PEI at up 3 down 3. Thanks again IRAC.

    • Just Sayin
      December 11, 2015 - 17:13

      I believe you need to re-think your math.

  • Anthony
    December 11, 2015 - 08:27

    Why the hell is diesel fuel still 10 cents per liter more here than it is in Halifax??? Still being gouged here in PEI.

  • Barbara Joslin
    December 11, 2015 - 06:37

    with oil dropping to under 38.00 shouldn't gas be about .35 cents a liter.

    • mutt
      December 11, 2015 - 10:31

      Plus taxes...don't forget the taxes on taxes

  • vick
    December 11, 2015 - 05:53

    Thank you but really! I hope comr the 15th there willbe another drop.....barrel is $36.00 just saying?

    • UPWESTER
      December 11, 2015 - 11:02

      Actually, what you are looking at is the price of WTI oil at $36.00. The price used in Atlantic Canada is Brent Crude which is now trading at $38.62 a bbl. Still, I agree that the price should be lower than 95.9 to 97 cents a liter.