Gas prices drop by six cents in Nova Scotia
The price of gasoline has gone down in Nova Scotia after the province’s Utility and Review Board (NSUARB) invoked the interrupter clause.
In Halifax (Zone 1), gas dropped by six cents overnight to a new minimum price of 205.9 cents per litre. The provincial gas tax makes up 15.5 cents of that price.
The highest prices are in Cape Breton, where drivers are paying between 207.8 and 210.4 cents a litre.
The price of diesel did not change.
“This change is necessary due to significant shifts in the market price of gasoline,” the NSUARB said in a news release Monday.
According to the NSUARB, the benchmark price of gasoline is based on an average of the daily market price for refined product on the New York Mercantile Exchange (NYMEX) converted into Canadian dollars.
The retail price paid at the pump is the benchmark price with wholesale margin, retailer markup, transportation allowance, cost of carbon, an adjustment for retail margin, and taxes added.
The NSUARB monitors the markets for gasoline and diesel oil daily, and says, should conditions warrant, a new price may be set at any time.
Gasoline prices have been rising since February, when Russia's invasion of Ukraine sent shock waves through international energy markets.
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