P.E.I. heating oil, diesel prices plummet

The wild ride for petroleum products prices over the past 11 weeks on P.E.I. continued Wednesday morning.

The price for diesel and heating oil fell double digits overnight in an unscheduled price review by the Island Regulatory and Appeals Commission.

The maximum price for a litre of heating oil fell 15.8 cents to $1.914. The minimum price for a litre of diesel was down 17.2 cents to $2.424.

The price of gas, which rose Tuesday, did not change.

It amounts to big savings if your tank gets topped up now: $8.60 on 50 litres of diesel and $94.80 on 600 litres of heating oil.

Prices have generally been rising for petroleum products since Russia invaded Ukraine at the end of February, with world prices up over concerns about supplies of Russian oil being cut off.

There have also been some large, sudden drops. Prices for diesel and heating oil took an even steeper dive on March 12, a day when gas prices also fell.

The next scheduled review of petroleum product prices by IRAC is Friday.