Gas prices drop by two cents per litre on P.E.I.

Gas is down by two cents per litre Saturday morning on P.E.I.

The Island Regulatory and Appeals Commission also approved a decrease of 2.8 cents per litre in furnace oil and a two cent per litre drop in diesel.

Propane prices decreased 2.2 cents per litre for Superior Propane and is down 2.8 cents per litre for Kenmac Energy Inc., down 2.5 cents per litre for Island Petroleum and down 2.3 cents per litre for Irving Energy Distribution and Marketing.

Including taxes, pump prices for regular unleaded gasoline at self-serve outletswill max out at $1.15.2 per litre.

The maximum pump price for self-serve dieselis now $1.24.2 per litre. Including taxes, the maximum price for furnace oil is 93.6 cents per litre.

IRAC said the wholesale price of petroleum continues to drop on the New York Mercantile Exchange as a result of increased inventories in the U.S., resulting in lower prices.

As of June 14, the national average price of gasoline was $1.20.1 per litre.

The commission's next scheduled price adjustment is July 1.

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