Heating oil, diesel, gas prices all down

Prices for heating oil, diesel and gas all fell on P.E.I. overnight Thursday, continuing a trend that started mid-month.

This was the regular weekly price review from the Island Regulatory and Appeals Commission, and the price changes were much more moderate than what was seen in the first half of November.

• The maximum price for heating oil is down one cent to $1.67per litre
• The minimum price at the pump for diesel is down 2.3 cents to $2.66 per litre.
• The minimum price at the pump for gas is down 5.2 cents to $1.64per litre.

Early in November a shortage of kerosene, caused largely by unforeseen refinery shutdowns in Europe, caused the prices for heating oil and diesel to spike.

Diesel jumped more than 50 cents, heating oil more than 30, and both hit record highs. Prices began falling again mid-month as refineries reopened. Heating oil prices are now more moderate, but diesel is still above record prices set in the spring.

Gas prices were not as strongly affected. They have been falling since the beginning of the second week of November, and are currently at some of the lowest levels this year.

Propane prices were unchanged in the price review.

The next price review from IRAC is scheduled for Dec. 2.