Gas prices fall further from record levels

The price of gas on P.E.I. is down Friday morning, but prices for diesel and heating oil are unchanged.

The minimum price for a litre of self-serve regular gasoline is down 6.2 cents to $1.66 to $1.67. This was part of the regularly scheduled price review by the Island Regulatory and Appeals Commission.

Following the invasion of Ukraine by Russia at the end of February prices shot up to record levels. The price of gas rose 28.7 cents in less than a week, peaking at $1.86 on March 8.

Russia is a major oil producer and traders drove up world prices on fears that supply would be affected by the war. Last week, on word that OPEC might increase production, prices began to fall again.

They remain above pre-war levels, which were already relatively high. The minimum price at the pump for gas was $1.57 at the end of February.

The diesel price was $1.73 and is now $1.88. The maximum price for heating oil was $1.33 and is now $1.47.