Heating oil prices drop in P.E.I.

Published on December 15, 2015

Thermostat

In four days, P.E.I. consumers have watched home heating oil prices drop by more than 7 cents per litre.

Overnight, furnace oil dropped by 3.1 cents per litre.

That’s on top of a 4.0 cent per litre unscheduled price cut on Friday.

Furnace oil prices now stand at 72.6 cents per litre.

The Island Regulatory and Appeals Commission, which regulates fuel prices on the Island, says while the wholesale market for furnace oil and diesel have dropped wholesale prices for gas has actually increased due to increased demand and speculative commodity trading.

That means there has been no change in the price of gas, which dropped 3.3 cents per litre last Friday.

Gas prices stand at between 95.9 and 97.0 cents per litre at self-serve outlets.

Diesel prices dropped by 3.5 cents per litre.

That’s on top of a 3.0 cent per litre drop Friday.

There was no change in propane prices.

The next scheduled price adjustment is on Jan. 1, 2016.