P.E.I. gas prices tumbling

The price of gas, and along with heating oil, diesel and propane, has been dropping rapidly on P.E.I. in the last few weeks.

The minimum price for self-serve, regular gasoline had been holding at $1.15 a litre at the beginning of the year, but began falling Jan. 17. The third week of discounts in a row Friday set the minimum price at $1.08.

Prices for other petroleum products have been falling even more rapidly.

• Diesel is down to $1.19from $1.34.
• Heating oil is down to $0.91from $1.04.

That's a 6.5 per cent drop in the price of gas, 11.2 per cent for diesel, and 12.6 per cent for heating oil.

Propane prices vary by retailer. On Jan. 10 the price for bulk delivery ranged from $0.83to $0.87. On Friday they fell to $0.70to $0.73.

Prices for petroleum products are reviewed and set by the Island Regulatory and Appeals Commission every Friday.

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