Gas price drop has P.E.I. customers filling up

Morgan Doyle had a busy day Wednesdaypumping gas for customers at the service station on Charlottetown's University Avenue.

All day, people were filling their tanksafter the Island regulatory and Appeals Commission (IRAC) unexpectedly dropped the price of gasyet again, this time by3.1 centsper litre. Furnace oil dropped by 6.5 cents per litre, and diesel dropped 5.6 cents.

"It's quite busier," said Doyle, as another customer rolled down the window to request a fill.

Crude pricing might fall even further, then that could result in some additional reductions.AllisonMacEwen,IRAC

"Normal day would be a couple of cars in, butthere'vebeen three or four carseveryhour."

'Time to go get it'

Self-serve pumps were busy withcustomers too.

"I read where the gas prices were going down, so I figured it's time to go get it before it starts going back up again," said customers David Burt.

"I'm glad it's down right now because it makes a big difference if it's really high," said Marie Pagan.

Wednesday's price drop was the third time IRAC has unexpectedly dropped the price of petroleum products.

The commission says the move reflects continuing trends in eastern North America.

A lack of hurricane damage this fall means east coast refineries are working at full capacity for a change. That, and the falling price of crude on world market, has supply depots full.

IRAC saidsupplies are 15 per cent above the five-year average.

Demand traditionally declines in this part of the world as winter sets in and people drive less.IRAC saidprices may stay where they are,or decline even more.

"Barring any supply interruptions, we should see stability of pricing for the foreseeable future," saidAllisonMacEwen, director of regulatory affairs with IRAC.

"Add to that thedynamic that perhaps crude pricing might fall even further, then that could result in some additional reductions going forward."

The next scheduled price change is December 1.

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