Nfld. & Labrador

Gas prices in N.L. hit lowest level since 2008

The cost of gas across Newfoundland and Labrador has again dropped like a stone.

Prices have dropped by more than 43 cents in less than a month

Gas prices in Newfoundland and Labrador have not been this low since late 2008. (CBC)

The cost of gas across Newfoundland and Labrador has again dropped like a stone, with drivers seeing prices at the pumps that have not been this low in just over 11 years.

In its overnight price-setting, the Public Utilities Board ordered retailers to drop the ceiling on gas prices by around 10.2 cents a litre.

On the Avalon Peninsula — where prices for gas are cheapest in the province, which has different pricing zones — a litre of self-serve unleaded gas must sell now for 82.7 cents or less. 

Some retailers charge less than the maximum prices set by the PUB. 

Gas prices have not been so cheap in the province since December 2008, amid a global financial crisis. Prices that month dipped briefly to 82.2 cents a litre. 

Prices down 43 cents in less than a month

Gas prices have tumbled dramatically in the last month, with the PUB's consecutive settings shaving more than 43 cents a litre since early March.

The changes followed a collapse in world oil prices, much of it due to the COVID-19 crisis that has enveloped the world. A price war involving Russia and Saudi Arabia has also rocked the oil market.

The PUB also ordered a drop of 7.37 cents in the cost of furnace oil, in addition to a drop of 4.5 cents per litre in diesel.

Under provisions of a provincial public health emergency, gas stations in the province are allowed to remain open while numerous other businesses are being ordered to close.

How gas prices have changed — this graph tracks recent trends in gas prices: 

Read more from CBC Newfoundland and Labrador

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