The cost of gas in Newfoundland and Labrador has plummeted again, with drivers seeing pump prices that have not been as low in just over 11 years.
In its overnight pricing, the Public Utilities Board ordered retailers to lower the cap on gas prices by about 10.2 cents per liter.On the Avalon Peninsula – where gas prices are the cheapest in the province, which has different price zones – one liter of self-service, unleaded gas is now selling at 82.7 cents or less.
Some retailers charge less than the maximum prices set by the PUB.
Gas prices have not been as cheap in the province since December 2008, amid a global financial crisis. Prices this month briefly dropped to 82.2 cents per liter.
Price down 43 cents in less than a month
Gas prices have dropped dramatically in the past month, with consecutive PUB settings having shaved more than 43 cents per liter since early March.
These changes followed the collapse of world oil prices, largely due to the COVID-19 crisis that enveloped the world. A price war involving Russia and Saudi Arabia also rocked the oil market.
The PUB also ordered a drop of 7.37 cents in the cost of fuel oil, in addition to a drop of 4.5 cents per liter of diesel.
Under the provisions of a provincial public health emergency, service stations across the province are allowed to remain open during the closure of many other businesses.
How gas prices have changed – this graph tracks recent gas price trends:
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