Gas dives below $1 per litre on P.E.I.

Gas is selling below a dollar a litre on P.E.I. Friday after the second price drop in four days.

The Island Regulatory and Appeals Commission lowered the base gas price, before taxes,by seven cents overnight. The base price dropped by six cents overnight Monday.

A litre of self-serve regular gasoline is selling for $0.948. after a scheduled priceadjustment by the Island Regulatory and Appeals Commission. On Monday, that same litre of gas was going for $1.097.

Diesel and heating oil were also down, with each seeing a four-cent-a-litre cut.

The minimum price for diesel is $1.017 per litre. The heating oil maximum price is $0.751.

IRAC said this week two factors are driving down prices: lowered demand due to the COVID-19 pandemic and a crude oil price war between Saudi Arabia and Russia.

In contrast propane prices are up, with increases between 0.8 and 1.2 cents, depending on the retailer.

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