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Heating oil, diesel prices see another big drop

The common weekly value evaluation from P.E.I.’s Island Regulatory and Appeals Fee on Friday has seen costs for heating oil drop by double digits for the second time this week.

The value of gasoline was additionally down.

  • The utmost value for heating oil fell 20 cents to $1.68.
  • The minimal value on the pump for diesel dropped 17.2 cents to $2.68.
  • The minimal value on the pump for gasoline dropped 3.4 cents to $1.69.

Costs for diesel and heating oil broke new data final week. Regardless of a drop of just about 30 cents a litre this week, the value for diesel stays greater than data set within the spring.

November has been essentially the most risky month for petroleum product costs on P.E.I. since March, with 4 unscheduled adjustments. Costs are usually reviewed weekly on Fridays.

On Wednesday Allison MacEwen, IRAC’s director of regulatory providers, stated costs spiked as a consequence of an surprising shutdown of a number of refineries in Europe. That led to a scarcity of kerosene, an vital part for each heating oil and diesel.

Three refineries in France, closed by a strike, at the moment are working once more, resulting in the drop in costs this week, he stated.

Propane costs, which haven’t seen the volatility of different fuels this yr, had been up a mean of 0.6 cents to $0.922 for bulk supply. The value is down about 10 per cent because the finish of February.

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