PE Ledger

P.E.I. sees a massive reduction in heating oil and diesel costs

PEI

Key takeaways: 

  • M.P. says federal regulation ought to be considered.
  • The price of a heating oil tank fill-up is down in the range of $250 this week. 

Following a significant reduction in heating oil and diesel costs before this week, Prince Edward Islanders got an even bigger break Friday morning.

The minimum cost at the pump for a liter of diesel is down 28.7 cents to $2.137. The heating oil maximum price fell 26.2 cents to $1.652.

The lowest price at the pump for gas is also down, with 5.2 cents off the regular price. It’s now $2.056.

This was the regular weekly cost review from the Island Regulatory and Appeals Commission.

Earlier this week, heating oil and diesel prices fell almost 15 cents, and Tuesday’s gas cost went up.

Also read: North-end Charlottetown citizens request to change plans for neighboring subdivision

Following a significant reduction in heating oil and diesel costs before this week, Prince Edward Islanders got an even bigger break Friday morning

The diesel cost is 45.9 cents lower than it was to begin the week, and 42 cents has dropped off the price of heating oil. That’s equal to $22.95 savings on a 50-liter fill-up of diesel and $252 on 600 liters to top up your heating oil tank.

Costs have been up and down, mainly up, since Russia’s attack on Ukraine at the end of February. They had already been at record highs.

But the previous three weeks have been extremely explosive, particularly for diesel and heating oil. They both spiked by almost 40 cents at the end of April but are now back below their April 22 prices.

While the fighting in Ukraine has played a part in high petroleum product costs, the outbreak has been an even more significant factor.

Lockdowns, and the resulting impact on demand, led to shuttering of refineries. A faster than anticipated recovery has left North America short of refining capacity, enabling those operating refineries to raise their profit margins.

Source – cbc.ca

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