Gas Prices Continues To Decline Around Canada

The price of gasoline on Prince Edward’s Island has dropped; however, diesel and heating oil costs have not.

A litre of self-serve regular gasoline now costs between $1.66 and $1.67, a drop of 6.2 cents. As part of the Island Regulatory and Appeals Commission’s regulatory price review.

After Russia’s invasion of Ukraine at the end of February, prices skyrocketed to record highs. On March 8th, the price of gas hit $1.86, a 28.7 cent increase in less than a week.

Fears that Russia’s oil production would be impacted by the conflict drove up global oil prices. Prices began to drop again last week when it was announced that OPEC was considering increasing production.

They’re still above pre-war levels, which were already very high. Last month, gas was selling for $1.57 a gallon at the gas station’s lowest price.

The price of diesel was $1.73, and now it is $1.88. Heating oil’s maximum price was $1.33, and it has now risen to $1.47.

Original source material for this article taken from here