Gas prices plummet by almost 9 cents
CBC News
Posted: Oct 25, 2012 7:50 AM NT
Last Updated: Oct 25, 2012 12:50 PM NT
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The cost of gasoline dropped by almost nine cents per litre Thursday as Newfoundland and Labrador's fuels regulator reacted to a recent slide in oil prices.
The Public Utilities Board told retailers to lower the ceiling on all grades of gasoline by up to 8.9 cents per litre.
The change brings the top price of self-serve unleaded gasoline on the Avalon Peninsula to $1.278. Some retailers charge less to lure customers.
The PUB's decision is based on commodity prices through to Tuesday.
The PUB also lowered the cost of diesel by 2.8 cents per litre.
Heating a house also got cheaper. The price of furnace oil dropped by 1.82 cents a litre. Stove oil is down 1.47 cents per litre.
The chart below shows how average gas prices in Newfoundland and Labrador have changed over the last year, compared to both changes in the national average for gas prices and the global price of oil.
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