Gas prices tumble by almost 4 cents

Drivers in most of Newfoundland and Labrador caught a break Thursday as fuel costs took a dip of almost four cents per litre.

A driver pumps gas at a station in St. John's in this file image. CBC

The Public Utilities Board instructed retailers to lower the maximum price on all grades of gasoline by as much as 3.8 cents per litre. The drop may be a little less in some areas because of rounding for taxes.

The change means that a litre of self-serve unleaded gas on the Avalon Peninsula can now sell for no more than $1.367 a litre, although some retailers charge considerably less.

The change is the lowest prices have been in more than a month, and is the second consecutive cut in prices.

Truckers and others who buy diesel saw their prices drop by as much as 4.2 cents per litre.

The changes do not affect remote areas in Labrador where prices are frozen during the winter months.

Meanwhile, most consumers who use fuel to heat their homes are paying less following the latest weekly price setting from the PUB.

Furnace oil dropped by 3.66 cents per litre, while stove oil is down by 3.35 cents per litre. The cost of propane, though, edged up by 0.3 cents per litre.

The chart below shows how average gas prices in Newfoundland and Labrador have changed over the last 12 months, compared to both changes in the national average for gas prices and the global price of oil.