Gas prices have dropped by 4.5 cents per litre in the Island Regulatory and Appeals Commission’s latest petroleum pricing announcement.
The new price, effective 12:01 a.m. Wednesday, now ranges from 125.9 to 127.1 cpl for regular, unleaded gasoline at self-serve outlets.
Other petroleum prices also saw a dip in the mid-month adjustment.
Diesel prices decreased by 1.4 cpl, and now sit between 134.6 to 135.7 cpl.
Furnace oil prices have decreased by one centre per litre, making the maximum price 104.5 cpl, including HST.
Maximum, before-tax propane prices will now range from 72.9 to 74.3 cpl, after decreasing 1.5 cpl for Superior Propane, by 1.9 cpl for Kenmac Energy Inc. and by 1.4 cpl for Irving Energy Distribution and Marketing.
These reductions are as a result of a drop in the market price of petroleum on the New York Mercantile Exchange over the past two weeks, says IRAC. Supplies are up with an increase in refining capacity in the U.S.
As of May 14, a sample of Canadian pump prices shows Moncton at 129.5 cpl, Halifax at 123.9, Montreal at 137.1 cpl, and the national average is 133.8 cpl.
The commission’s next scheduled price adjustment is June 1.
