Gas prices plunge in P.E.I.

Doug
Doug Gallant
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Al MacKenzie pumps gas for a customer at Cudmore’s Ultramar in Charlottetown on Wednesday. Customers are getting a big break at the pumps this morning as the Island Regulatory and Appeals Commission approved an unscheduled 5.5 cent per litre decrease in the price of gas. Including adjustments for taxes, pump prices at self-serve outlets will now range from 83.9 to 85.0 cents per litre. A substantial decrease in the wholesale price of gasoline is being credited with the price cut. The next scheduled price adjustment will be on Feb. 15. There was no change in the price of any other fuel.

Customers are getting a big break at the pumps this morning.

The Island Regulatory and Appeals Commission approved an unscheduled 5.5-cent per litre decrease in the price of gas overnight.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 83.9 to 85.0 cents per litre.

The commission said a substantial decrease in the wholesale price of gasoline is responsible for the price cut. The next scheduled price adjustment will be on Feb. 15.

There was no change in furnace oil, stove oil, diesel or propane prices.

 

Organizations: Island Regulatory and Appeals Commission

Geographic location: P.E.I.

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Recent comments

  • Garth Staples
    February 11, 2016 - 15:12

    Price in Calgary, $0.59 !

    • Move
      February 11, 2016 - 18:21

      Move to Calgary then. The Island will be a better place.

  • Whiners
    February 11, 2016 - 12:03

    Move to Ontario or keep your traps shut. Sick of hearing the parade of PEI school system failures cry about gas prices every time they go down.

  • Cromwell
    February 11, 2016 - 11:58

    IRAC has, belatedly, responded to a prolonged period of lower prices from Canadian refiners for all refined petroleum products (as defined by 'rack pricing'). Over the course of the last 7 - 10 days, the 'rack price' for regular gasoline has been $0.47/litre; diesel has been $0.569/litre and heating oil $0.527/litre. By delaying the price reduction for regular gas until today, IRAC has again benefited Irving Oil (the only refiner in Atlantic Canada). Given that the next scheduled ajustment is February 15, I would expect that IRAC will leave gas unchanged, but effect a small decrease on both diesel and furnace oil, to try to show that they really do care for the consumer. It is interesting to note that in the US, the equivalent base rate for refined petroleum products is $C0.362/litre for gasoline; $C0.38/litre for diesel and $C0.352/litre for heating oil. The significant variance between US and Canadian base prices confirms a recent article in 'The Toronto Star' which indicates that the Canadian refiner's profit margin on gasoline has increased from $0.177/litre in 2014 to $0.323/litre in early 2016, so that even when crude oil prices are dropping, Canadian refiner's profits are soaring. Surely some intervention on the part of Federal and Provincial governments is called for (note that on PEI, most of the Federal and Provincial taxes are fixed - other than HST - so this 'income' will not be impacted)

  • Dave Feehan
    February 11, 2016 - 10:38

    It's not a "big break", saving 5 cents might save you $2.50 overall on a fill up, big deal... If saving $2.50 is important to you, you're not doing so well in general.

  • rob
    February 11, 2016 - 08:56

    we should all thank the gods of mount olympus for throwing us peasants a bone !!

  • Regular Joe
    Regular Joe
    February 11, 2016 - 08:49

    A small step in the right direction .

  • Alan
    February 11, 2016 - 08:23

    Why no drop in diesel or furnace oil? These products are far cheaper to refine than gas and cost more at the pump! Please explain this RIP-OFF! No wonder other prices are going up when truckers are being gouged for fuel.

  • WTF
    February 11, 2016 - 08:01

    60 cents in Ottawa . Whats up with that ?

  • Kim
    February 11, 2016 - 05:47

    Drop it another 20 cents and we will be on par with Ontario! Bet that dont happen.