New Brunswick gas prices jumped to 142.2 cents per litre today, setting a new record since the provincial government introduced regulated pump prices in 2006.
New Brunswick surged past the 140 cents per litre threshold on Thursday when the Energy and Utilities Board reset its maximum prices.
The maximum price for regular gasoline has only been higher than 140 cents per litre five times since New Brunswick introduced gas price regulation in 2006.
The previous high was 141.5 cents per litre, which was set on Sept. 13, 2008.
Tips on saving gas
Jim Davidson, author of 75 Ways to Save Gas, offers this advice:
- Avoid using air conditioner and defroster where possible.
- Service your vehicle regularly.
- Check tire pressure monthly.
- Avoid speeding.
- Don't leave your vehicle idling.
- Keep windows rolled up during highway driving.
Gas prices have been climbing steadily in recent months going from 121.9 cents per litre on Dec. 22 to 142.2 cents per litre this week.
In that 16-week span, the maximum regulated gas price has only dropped three times.
The Energy and Utilities Board sets maximum prices every Thursday based on the average prices of commodity trading on the international markets during the previous week.
Retail stations are allowed to sell gas for less than the maximum prices.
But New Brunswick isn’t the only province being hit hard by rising fuel prices.
On Wednesday, motorists in Montreal were paying 147.9 cents per litre and 140.1 cents per litre in Toronto.
Finance Minister Jim Flaherty told reporters in Vancouver that rising gas prices "are a concern for everyone" but the trend isn't limited to Canada.
"People around the world are seeing oil prices go up, the Americans, the British, everybody is seeing the same phenomena. The reason for that, of course, is because the price of oil is a global price, it's not a national price," he said on Wednesday.
Crude for May delivery fell $2.54 at $101.47 US a barrel Wednesday on the New York Mercantile Exchange. A year ago, crude was trading at $104 a barrel.
Other fuel prices drop
Drivers will be paying more to fill up with gasoline, but the energy regulator cut the costs on the other petroleum products that it regulates.
The EUB dropped the price of diesel to 140.7 cents per litre. This is the first time since May 13, 2011, that it has been cheaper to fill up with diesel than gasoline.
The cost of buying furnace oil is also on a downward trend. It will now cost 121.5 cents per litre down from 122.2 cents per litre last week.
And people who use propane will be paying 104.9 cents per litre down from 105.5 cents per litre last week.
Ruth Peterson, who runs a Fredericton gas station, says drivers were fuming when they saw her raise the price on the sign.
"They were honking and shaking their heads," she said.
In Oromocto, one gas station thrilled drivers with a temporary promotion that dropped the price under a dollar a litre.