P.E.I. gas price takes unscheduled drop

Gas is cheaper on P.E.I. Wednesday morning, following months of steady increase that had the price at its highest since 2019.

The minimum price for a litre of regular, self-serve gas is down 5.8 cents to $1.258.

This was an unscheduled change. The price is regularly reviewed by the Island Regulatory and Appeals Commission on Fridays.

After bottoming out during the first wave of the pandemic last spring, the price of gas rose and held steady at about $1 a litre for the latter half of 2020.

But it began to rise in December. On Friday it climbed over $1.30 a litre, its highest price since May 2019.

IRAC has said the wholesale prices for gas have been rising because refining has not been keeping up with growing demand as pandemic restrictions ease in the U.S.

In a news release Wednesday morning, IRAC said the market price for gas had fallen significantly.

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