Gas prices may set New Brunswick record
Highest regulated maximum gasoline price was 142.2 cents a litre in April 2012
New Brunswick drivers could be paying the highest gasoline prices since the introduction of gas regulation in 2006 after the Energy and Utilities Board resets its pump prices on Thursday.
The maximum price for self-serve gasoline in New Brunswick stands at 140.7 cents a litre.
CBC reporter Robert Jones predicted gasoline prices could rise two cents a litre on Thursday.
If that prediction holds true, the regulated maximum price would surpass 142.2 cents a litre, which was set in April 2012 and stands as the record for gas prices.
The maximum cost of gasoline has been above 140 cents a litre 11 times since 2006, including five times in 2012 and five times in 2008.
A year ago, New Brunswick drivers were paying 125.5 cents a litre to fill up their gas tanks.
The Energy and Utilities Board sets the price of gasoline, diesel, heating fuel and propane every Thursday based on the previous week’s trading on the international markets.
The regulatory board sets the maximum price for the products, but it does not set a minimum price, so gas retailers are able to charge lower prices.
Last week, Dan McTeague, the founder of price-tracking and forecasting website TomorrowsGasPriceToday.com, said oil refiners and retailers have driven up prices across Canada to take advantage of the Easter long weekend, when many people take to the road for long trips for the first time this year.
He said the current prices are being artificially raised by refiners limiting the supply and said in the long run they are unsustainable.