Gas prices jump in the Maritimes

Prices at the pumps increased overnight in all three Maritime provinces.

Nova Scotia

The price of regular self-serve gasoline increased by 5.6 cents per litre in the Halifax-area. The minimum price is now 163.6 cents per litre.

The minimum price for motorists in Cape Breton is 165.6 cents per litre for regular self-serve gasoline.

Diesel prices in the Halifax-area increased by 6.7 cents, bringing the minimum price to 198.9 cents per litre.

The minimum price in Cape Breton for diesel is 200.8 cents per litre.

Prince Edward Island

The price of regular self-serve gasoline on P.E.I. increased by 2.9 cents. The new minimum price is 163.4 cents per litre.

Diesel prices on the island did not change. The minimum price remains 202.9 cents per litre.

New Brunswick

The price of regular self-serve gasoline increased by 6.5 cents in New Brunswick. The maximum price is now 164.9 cents per litre.

Diesel prices increased by 6.8 cents, bringing the maximum price to 210.0 cents per litre.

Pricing fuel

Gas analyst Dan McTeague says, over the past year, there has been a myth that fuel supply outweighed the demand.

“I think the markets are starting to reflect that higher cost, given that the demand is still very strong, it’s still quite robust. Supply, well supply has been dwindling over the past several months.

McTeague says he believes Maritimers will get a slight break at the pumps next week, but warns it likely won’t last.

“I think overall, as we head towards March and April, we are going to start to see prices moving up,” says McTeague.

“One thing that comes very clearly out of this is those who suggested that gas prices would be lower in 2024 than in 2023 may have a been a little rushed in their judgement because it looks like we are going to have a lot more expensive year.”

When it comes to the rising costs, McTeague says carbon tax hikes and the switchover from winter to summer gas are factors, as well as supply chain.

“This time of year you normally see a build in inventory of just about everything, oil, gasoline, diesel, jet fuel, etc. With the exception of heating oil, the fact is we are seeing a crimp in supplies especially on the gasoline and diesel side, and for that reason we are starting to see these prices.”