Nfld. & Labrador

Another week, another record high for N.L. gas prices

For the second consecutive week, the price of gasoline moved into record-setting territory across Newfoundland and Labrador. Prices now are about 45 cents higher than they were one year ago.

Gas prices are about 45 cents higher than a year ago

Customers lined up in long queues last week at the Costco gas pumps in St. John's, ahead of a widely anticipated hike in prices. (John Gushue/CBC)

For the second consecutive week, the price of gasoline moved into record-setting territory across Newfoundland and Labrador.

The Public Utilities Board, which regulates prices across the province, allowed a 1.4-cent increase on all grades of gas in its weekly Thursday morning setting.

The change means, for instance, that a litre of self-serve unleaded gas on Newfoundland's Avalon Peninsula can now sell for as much as $1.532. A year ago, the same litre was selling for about $1.08. 

Pump prices across the rest of the province are higher, and vary depending on different pricing zones to account for transportation and other expenses.

In western Labrador, a litre of self-serve can now sell for no higher than $1.528, while customers in the Corner Brook area are facing prices as high as $1.539.

Prices set a new record with last week's 5.5-cent hike, almost half of which was due to an increase in the provincially collected carbon tax that took effect July 1. The last record for gas prices was set in July 2008, when St. John's-area stations were selling self-serve unleaded gas for as much as $1.493 a litre.

The current rally in gas prices is following an uptick in oil prices. The Canadian dollar, though, is weaker against American currency than in the late 2000s, which is also affecting current gas prices.

Meanwhile, the PUB also hiked other fuels costs.

The cost of diesel is up as much as a cent per litre. (As with gas increases, the hike in diesel may be slightly less because of rounding for taxes.)

Furnace oil is up 0.68 cents a litre, while propane heating fuel is up 1.7 cents a litre.

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

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