Gas prices plummet overnight in N.S., P.E.I.
Gas prices plummeted in two Maritime provinces overnight.
Nova Scotia’s Utility and Review Board invoked its interrupter clause and lowered the price of gas by 5.3 cents per litre.
Regular self-serve gas is selling for $1.25 per litre at Halifax area stations. Other stations in the province will likely be selling gas for a few cents higher.
The drop was even more dramatic on Prince Edward Island, where the province’s Regulatory and Appeals Commission approved a reduction of 7.5 cents per litre.
Regular self-serve gas is selling at a price point between $1.21 and $1.22 per litre across the province.
New Brunswick will make its scheduled price change at midnight and prices are also expected to drop there.
Experts say the downward trend is the result of a glut in the U.S. and a lack of global demand.
American forecasters are suggesting this is the most rapid drop in gas prices in the U.S. in years, with prices down in all but two states.