Islanders got an unexpected six-cent drop in the price of gas, diesel and furnace oil this morning due to steep declines in petroleum pricing.
Regular, unleaded gas will now cost between 102.8 to 104 cents per litre at self-serve outlets. The price of diesel will range from 106.3 to 107.4 cpl. And the maximum price for furnace oil is 79.3 cpl.
The Island Regulatory and Appeals Commission regulates the price of petroleum weekly with announcements coming every Friday.
This week, the commission said the steep drop in the price of all petroleum products necessitated a mid-week adjustment.
Oil markets suffered their biggest daily decline since the 1991 Gulf War on Monday as Saudi Arabia and Russia began a price war, bringing brent crude prices to $31.02 to $33.12 a barrel at one point in the day.
The commission’s next scheduled price adjustment is March 13.
