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Prince Edward Island > News > Local

P.E.I. gas prices continue to fall April 3

SaltWire Network | Posted: April 2, 2020, 4:43 p.m. | Updated: April 3, 2020, 12:05 a.m. | 1 Min Read
The gas and oil industry is in the middle of one of the worst downturns in the sector’s history - Reuters

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CHARLOTTETOWN, P.E.I. — Gas prices in Prince Edward Island, and around the globe, continue to drop as the economy is impacted by world events.

Effective 12:01 a.m., Friday, April 3, the price of gas has decreased by 1.5 cents per litre and now ranges in price from 71.9 to 73.0 cpl at self-serve outlets.

The price of furnace oil and diesel decreased by 2.4 cpl. Diesel prices now range from 96.3 to 97.4 cpl, while the maximum price for furnace oil is 67.3 cpl.

The gas and oil industry is in the middle of one of the worst downturns in the sector’s history, according to Reuters. This was brought on by strict movement restrictions imposed around the world to limit the spread of the coronavirus, which in turn led to a collapse in demand for transportation fuels. In addition, a fight for market share between top producers Saudi Arabia and Russia accelerated price falls.

The Island Regulatory and Appeals Commission’s next scheduled price adjustment is April 10.

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