CHARLOTTETOWN, PEI –
Gas prices in Prince Edward Island and around the world continue to fall as the economy is affected by world events.
Starting at 1:01 a.m. on Friday, April 3, the price of gasoline dropped 1.5 cents per liter and now ranges from 71.9 to 73.0 cpl in self-service outlets.
The price of fuel oil and diesel fell 2.4 cpl. Diesel prices now range from 96.3 to 97.4 cpl, while the maximum price for heating oil is 67.3 cpl.
The oil and gas industry is in the middle of one of the worst declines in the industry’s history, according to Reuters. This was caused by strict movement restrictions imposed worldwide to limit the spread of the coronavirus, which has led to a collapse in demand for transportation fuels. In addition, a fight for market share between the major producers in Saudi Arabia and Russia accelerated the price declines.
The next price adjustment scheduled by the Island Regulatory and Appeal Board will take place on April 10.