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Gas, heating oil prices down, propane prices jump up again

The price of gas fell back to where it was two weeks ago. (Mitch Cormier/CBC - image credit)
The price of gas fell back to where it was two weeks ago. (Mitch Cormier/CBC - image credit)

It was a mixed picture in fuel prices for Prince Edward Islanders Friday morning.

Most prices were down, but the price of propane jumped up for the second time in a row in the regular weekly price review from the Island Regulatory and Appeals Commission.

Price drop in gas and heating oil largely erased increases from last week.

The minimum price at the pump for gas was down 2.3 cents per litre to $1.60. The maximum price for heating oil was down 4.2 cents per litre to $1.43.

Diesel was down only slightly, 1.1 cents to $2.29 per litre, which does not match recent increases. For the year, it is up about nine cents.

Propane prices, which are reviewed once every two weeks, bucked the trend.

At the beginning of the year prices were within a cent of where they were in the early fall, but the average maximum price for bulk delivery rose 3.5 cents at the end of January, and then another 3.6 cents on Friday.

That average is now $0.90 per litre.

Unlike gas, diesel and heating oil, where a single set of regulated prices applies across the board, IRAC sets a maximum price for each of the five propane retailers on the Island.