The price of gas dove seven cents overnight, bringing it to below a dollar for the first time since February of last year and only a handful of times since 2007.
The Island Regulatory and Appeals Commission approved the petroleum prices decreases effective at 12:01 a.m. today, following price decreases of Brent crude in world markets. At self-serve outlets, regular unleaded gasoline will now range from 94.8 to 95.9 cpl. across P.E.I.
The prices of furnace oil and diesel have also decreased, by four cents per litre each. Diesel prices now range from 101.7 to 102.8 cpl and the maximum price for furnace oil is 75.1 cpl.
Oil prices fell, with Brent crude sliding eight per cent on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic, according to Reuters news agency.
The slump in oil is being compounded by the threat of a flood of cheap supply after Saudi Arabia and the United Arab Emirates said they would raise output in a stand-off with Russia.
Propane prices in P.E.I., meanwhile, have increased by 0.8 cpl for Irving Energy Distribution and Marketing, by 0.6 cpl for Superior Propane and by 1.2 cpl for Island Petroleum. They have decreased by 1.0 cpl for both Kenmac Energy Inc. and Noonan Petroleum.
Maximum prices for propane now range from 68.6 to 70.1 cpl.
The commission’s next scheduled price adjustment is March 20.
