Gas down over 2 cents, as pump prices near yearly low

The cost of gas dropped acrossNewfoundland and Labrador on Thursday, as retailers posted some of the lowest prices seen so far this year.

The Public Utilities Board loweredthe maximum price for gas by 2.3 cents per litre.

The setting the fifth drop in the last seven weeks brings gas to within a tenth of a cent of the lowest price setting the PUB has made in 2024, which was the first week of January.

On the Avalon Peninsula, where prices are cheapest, gas must now be sold for $1.595 a litre or less. In early January, gas on the Avalon was set at $1.585.

Prices for the next week vary across the rest of the province depending on location, andrange between $1.60 and $1.77 per litreacross the rest of Newfoundland, and between $1.64 and $2.20 per litre in Labrador.

The price of diesel increased by price by two cents per litre across much of the province, except by 0.9 cents per litre in Labrador West and Churchill Falls. That meansmaximum prices now vary between $1.69 and $1.81 per litre in Newfoundland and between $1.81 and $2.59 per litre across Labrador.

Furnace oil increased by 1.7 cents per litre, meaning customers in Newfoundland could face pricesbetween $1.05 and $1.23 per litre, depending on location.

The price of stove oil decreased by over 0.7 cents per litre, except by just under 0.9 cents per litre in Labrador West and Churchill Falls. The price changes means prices now vary between $1.08 and $1.26 per litre in Newfoundland and between $1.18 and $1.95 per litre in Labrador.

Propane fuel increased by 0.3 cents per litre, meaning prices now range between 92 cents and $1.05 per litre in Newfoundland and between 78 cents and $1.23 per litre in Labrador.

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