Prices for gas, home heating oil, diesel down across P.E.I.

Send to a friend

Send this article to a friend.

Gas prices drop on Prince Edward Island.

Drop of five cents per litre puts P.E.I. prices below national average

Plummeting world oil prices have prompted the Island Regulatory and Appeals Commission to cut the price of gas, home heating oil and diesel on P.E.I.

Gas prices dropped overnight by 5.0 cents per litre.

That pushed prices at self-serve outlets to between 90.2 and 91.3 cents per litre.

Those prices are below the national average, which now sits at 93.1 cents per litre, according to gasbuddy.com.

Crude prices are at a historic low of $30 a barrel.

Furnace and stove oil prices, as well as diesel prices, dropped by 3.0 cents.

There was no change in propane prices.

The commission noted, “Decreases in the wholesale prices of gasoline, furnace oil and diesel noted over the past two weeks now afford the price adjustments announced today.”

The commission's next scheduled price adjustment will be on Feb. 1.

Organizations: Island Regulatory and Appeals Commission

Geographic location: P.E.I.

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments

Recent comments

  • swayne
    January 15, 2016 - 15:18

    Check this out. I believe you would have to look around 2002 to find a price of $30.00 a barrel. http://www.statcan.gc.ca/pub/57-601-x/2010004/t182-eng.htm

  • up easterner
    January 15, 2016 - 11:46

    "JUST WONDERING" shouldn't maritme electric be giving us a break!!!

  • LIST IT
    January 15, 2016 - 08:22

    If as IRAC say we are below the national average, put your facts on the table. List all the Provinces and their rates. Oil is at 29 dollars a barrel this morning and we are still paying as if it were 90 dollars a barrel. Give us real and believable information for once, not what your are being ordered to say.

  • LIST IT
    January 15, 2016 - 08:20

    If as IRAC say we are below the national average, put your facts on the table. List all the Provinces and their rates. Oil is at 29 dollars a barrel this morning and we are still paying as if it were 90 dollars a barrel. Give us real and believable information for once, not what your are being ordered to say.

  • mary
    January 15, 2016 - 06:21

    The only reason the national average is 93 is because of carbon tax in Bc , and outragest prices in Quebec, and NF. The average price last week in Ontario was low 80"s and it stands at 69 cents in Alberta so PLEASE dont dont try to sell me that we are cheaper than the national average!

    • Gas Buddy
      January 15, 2016 - 08:14

      If you are going to comment please make a little effort to be correct. Alberta average this morning at 8:45 was 80.37, Ontario average is 92.88, both fresh from Gas Buddy.

    • The Observer from Stratford
      January 15, 2016 - 10:57

      What do you think a national average is? There are no explanations involved. It is what it is namely, the average of gas prices across the whole country. You can't leave out certain parts and call it "national".

  • john claude
    January 15, 2016 - 05:16

    while a decrease is good, it is still not enough. should of been about fifteen cents. this is why irac pisses people off

    • IRAC
      January 15, 2016 - 10:23

      John Claude........damn why do people keep attacking IRAC on this issue? If they weren't at the helm in regards to regulating the price of petroleum, the pumps would dry up and PEI would be looking for another supplier. It's cheaper to ship, and more lucrative for the Irving's to sell their product to the Americans. That's why the price can't come down too much.....if IRAC gives us too many breaks, the supply chain is cut off.

    • Cromwell
      January 15, 2016 - 13:50

      In broad terms, IRAC's direct input to the gas/diesel/heating oil cost is the margin they allow for the retailers (in the case of gasoline, it's 5.5 - 6.5¢ /litre. Otherwise, IRAC uses the posted rack price of the refiner (in Atlantic Canada, Irving is the only refiner), and then adds the Federal and Provincial taxes, which currently adds up to about 36¢ /litre. However, with this current IRAC adjustment, there are several anomalies. The first is that, per their website, IRAC uses a rack price of 50.5¢ /litre for gasoline, but, on their website, Shell is showing a rack price of 46.4¢ /litre (for whatever reason, Irving do not appear to post rack prices) - it is to be noted that this rack price has been consistent for much of the last 2 weeks. Why IRAC have chosen to use what seems to be a higher rack price, and why it did not intervene sooner, to reflect a decrease in the rack price are obvious questions. Similarly, IRAC is using a rack price of 55.4¢ /litre for diesel, while Shell's posted price is 51.0¢ /litre. In all cases, in terms of the use of apparently higher rack prices an delayed reaction to refiner''s reduction in the base price of the product is to the sole benefit of the refiner/distributor, which in this case is Irving. During 2015, from memory, there were a number of IRAC unscheduled price interventions, with increased fuel prices resulting from a rapid increase in base prices, which otherwise mitigated reduced profits for the refiner/distributor. It is also to be noted that the implementation of HST on April 1, 2013 caused an immediate, and lasting, 5% increase in gas prices.

  • freddy van
    January 15, 2016 - 04:13

    Its a good start keep it going!!!!!!

  • Ralph Weiland
    January 14, 2016 - 23:33

    What was the price 10 years ago when oil was last at $30 a bbl? Anyone remember?

    • Mary
      January 15, 2016 - 17:24

      Yes I do .60+ cents a litre which is what its at in Alberta today at Costco! We never see the real benefits to anything, we pay high prices for electricity because of the price of oil however when the arse falls out of oil our light bills are the same? In the last year gas pump prices have dropped 30 cents a litre yet I am paying more and more for my shipping costs with a courier, when the dollar was par or higher books remain the same price for us however $ is low and now their raising price of books? When do Canadians see any breaks why is it always getting screwed?