Big jump at the pump: Gas prices hit highest point since July 2014
A whopper of an increase Thursday morning drove up gas prices across Newfoundland and Labrador to the highest levels in two and a half years.
The Public Utilities Board, which regulates gas and other fuels in the province, lifted the maximum price on gas by 3.8 cents a litre. The increase may be a little less in some pricing zones because of rounding for taxes.
The change means that retailers on the Avalon Peninsula, where prices are cheapest, can now sell a litre of unleaded self-serve for $1.399. Some stations in St. John's, though, charge considerably less to compete for customers.
In Cartwright, the same litre of gas costs $1.567.
The setting is the fifth increase in the last six weeks — a period that has seen gas climb by almost 14 cents.
Gas is now the most expensive it has been in Newfoundland and Labrador since July 2014.
Oil prices have marched upward in recent weeks, amid reports that OPEC members have agreed to curb production to address a long-running trough in commodity prices.
In its weekly setting, the PUB also hiked the ceiling on the cost of diesel by 1.5 cents.
Furnace oil is also up, by 1.53 cents per litre, while stove oil is up by 1.73 cents.
The following chart shows the recent trend in average gas prices in the province, as reported by individual consumers through GasBuddy.com. [Not seeing the interactive on your mobile phone? Click here.]