Heating oil, diesel, gas prices drop sharply
CBC
In the fourth unscheduled change this month, P.E.I.'s Island Regulatory and Appeals Commission dropped prices for heating oil, diesel and gas Wednesday morning.
All three products took big price decreases.
IRAC normally reviews petroleum product prices weekly, on Fridays. The four unscheduled changes this month are the most since March, the month after Russia's invasion of Ukraine brought turmoil to world oil markets. That month saw six unscheduled changes.
In a news release Friday, IRAC said it was responding to intense fluctuations in global prices for petroleum products.
While the lower price for heating oil, as the weather on P.E.I. turns cold, will be a particular relief, there is no guarantee this is part of a downward trend. Heating oil prices rose to a record high $2.20 on Nov. 8, fell back to $1.95 two days later, only to jump up over $2 again the next day.
Diesel prices also remain higher than records set in May.
The current price of gas, while high by historical standards, is relatively low compared to what it has been for much of this year.
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