Key Takeaways:
- Drivers in Nova Scotia should prepare themselves for a significant decrease in gas prices at the pump.
- The Nova Scotia Utility also Review Board (UARB) announced Tuesday that it would activate its interrupter clause at midnight to adjust gasoline and diesel oil prices.
“This change is required due to significant changes in the market prices of gasoline and diesel oil,” the UARB stated in a news release. However, the press release did not specify whether the price would be raised or lowered or by how much.
Analysts predict that gas prices will fall by at least 10 cents per liter in most of Canada this week, following a drop in oil price last Friday. Energy stocks have plummeted as a result of the global market panic caused by the emergence of the Omicron COVID-19 variant.
The rest of the country has already noticed a decrease in gas prices. On Friday, gas prices in Montreal were around $1.53 per liter. The average price had dropped to $1.44 per liter by Sunday afternoon.
However, in the Maritime provinces, a service board or commission sets the price of gas.
In Nova Scotia, the UARB monitors the markets for gasoline and diesel oil daily and may set a new price at any time if conditions warrant. Drivers in Halifax are paying a minimum of $1.39 per liter for regular gas as of Tuesday. Gas costs a minimum of $1.41 per liter in Cape Breton.
The board last used the interrupter in March of this year, when the price of gas fell by eight cents per liter.
Source: Global News
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