The Public Utilities Board lifted the ceiling Thursday morning on gas prices across Newfoundland and Labrador.

In its weekly setting, the regulator raised the limit on gas prices by as much as 2.2 cents per litre. The change may be slightly less in some pricing zones because of rounding for taxes.

Thursday's setting means that retailers on the Avalon Peninsula, where prices are cheapest in the province, can charge no more than $1.308 for a litre of self-serve unleaded gas. Many retailers, though, charge less in order to lure customers.

Maximum prices across the province for the same grade of gas range from $1.332 in central Newfoundland to $1.361 in western Labrador.

The cost of diesel also climbed, by as much as 1.7 cents per litre.

Meanwhile, the PUB hiked the cost of home-heating fuel. Furnace oil is up Thursday by 1.02 cents per litre, while stove oil increased by 1.08 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.