Gas prices spike by 10.5 cents across N.L. in unexpected change

Gasoline prices in Newfoundland and Labrador skyrocketedanother 10.5 cents per litre on Tuesdayas thePublic Utilities Board made anunexpected change to some fuel prices overnight.

The boardsaid"due to recent commodity market developments," it was adjusting maximum prices forregulated petroleum products outside its regular pricing schedule, usually Thursday of each week.

In a media release issued Monday evening, the PUB said there was a "significant upward shift in the benchmarks" the board uses to set its maximum prices.

"The resulting upward shift in the board's average benchmark prices is extraordinary and the board has determined an adjustment of maximum prices for regulated petroleum products is warranted at this time," read the release.

Regular self-serve gasoline will now cost consumers as much as $1.94 per litre on the Avalon Peninsula, $1.96on the Burin Peninsula, $1.97 in central Newfoundland, $1.98 in the Springdale area, $1.95 in Corner Brook and Gros Morne, $1.96 in the Port aux Basques areaand $1.98 in the St. Anthony area.

The highest price per litre for self-serve gasoline on the island is in Ramea at $2.07 per litre. Meanwhile, along the Newfoundland's south coast, from Grey River to La Poile, where full-serve is the only option, a litre of gasoline will cost $2.14.

In Labrador, prices for regular gas have reached $1.72 in the Straits, $1.76 on the south coast, $2.03 in Churchill Falls, $2.01 in Labrador Westand $1.59 in central.

Stove heating oil also saw a massive increase Tuesday, jumping by 16.94 cents per litre.

Customers are now paying $1.65 on the northeast Avalon;$1.68 on the northwest Avalon;$1.69 on the southern Avalon, Burin Peninsula and in central Newfoundland; $1.70 in Springdale, $1.66 in the Corner Brook area; $1.69 in the Port aux Basques area;and $1.72 in St. Anthony.

In Labrador, stove heating oil reached $1.30 per litre in the Straits, $1.31 in southern Labrador, $1.16 in central, $2.36 in Labrador West, $2.38 in Churchill Falls and $1.37 in coastal Labrador North.

There were no changes to other fuel prices overnight.

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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