Gas prices drop unexpectedly on P.E.I.

Gas prices on P.E.I. dropped three cents per litre in an unscheduled price adjustment on Saturday,

The minimum price for regular unleaded gasoline at self-serve outlets is now $1.31.1 per litre.

There was no change in the price of furnace, diesel or propane.

The Island Regulatory and Appeals Commission approved the gas price reduction as a result of a drop in the market price of petroleum.

However, IRAC noted petroleum prices on the New York Mercantile Exchange are seeing volatile shifts with prices going up and down, and gas analysts expect this volatility to continue into the summer.

The price reduction comes one week after the commission raised the price of gas by five cents per litre in an unscheduled adjustment April 27. There was no change to the price of gas in the last scheduled adjustment on May 1.

Gas prices on P.E.I. have risen more than 32 cents per litrein the last three months.

IRAC's next scheduled price adjustment will be May 15.

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