Nfld. & Labrador

Cost of gas plummets again, due to falling oil prices

A litre of gas is about 33 cents cheaper compared to just two weeks ago.

A litre of gas is 33 cents cheaper compared to early March

The price drop means most areas will be offering gas for less than a dollar a litre as of midnight Thursday. (Sean Gallup/Getty Images)

The cost of a litre of gas is down for the fourth consecutive pricing adjustment, this time dropping by seven-and-a-half cents.

Since March 5, the price of a litre has plummeted by about 33 cents.

The decreases reflect the downward shift in global oil price benchmarks, said the Public Utilities Board, which regulates fuel prices. 

The cost of a litre of self-serve is just under 93 cents on the Avalon, while the same litre will cost no more than $1.09 in southern Labrador. 

All other fuel types are down across the board, too, as of Thursday morning. 

Diesel and furnace oil dropped four cents a litre each, stove oil is three cents a litre cheaper and propane is down by just shy of a half a penny.

The Public Utilities Board usually adjusts its prices weekly, but on Saturday, March 14, it lowered its maximum prices on petroleum products, citing the dropping prices of oil.

The following chart shows how prices have changed in Newfoundland and Labrador, as reported by users of the GasBuddy.com website.

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