Pump prices drop more than expected
Posted Oct 19, 2012 06:29:46 AM.
This article is more than 5 years old.
It’s one of the largest gasoline price drops in Nova Scotia’s regulatory history.
The price of gas plummeted an unpredicted 6.4 cents a litre when the provincial regulator made its weekly adjustment at midnight. Regular self-serve is now selling for $1.303 in Metro Halifax.
Generally, when there has been a shift of six cents or more at the pump, the Utility and Review Board invokes the interrupter clause to stabilize prices.
It’s rare for the clause to be used, but wild swings in the price of gas recently have made the regulatory tool’s usage more common.
The UARB used the clause one month ago when the price of gasoline surged, lowering prices from $1.434 a litre to $1.373 cents a litre, Sept. 19. The clause was also used twice in May 2011.
Motorists have been noticing the big swings in prices.
“It should have never went up before the holiday,” said taxi driver Donald Knox, referring to the Thanksgiving holiday when the price increased 3.8 cents a litre to sell for $1.411, Oct 5.
“It seems every holiday they drive it straight up and they shouldn’t have it up there at all,” said Knox. “I wish they’d leave it alone at one price. They’re blaming this and they’re blaming that. I think it’s greed. It should be lower yet. We’re not short of gas in Canada.”
Other drivers said they were happy to be paying the lower price.
“I don’t mind,” said Lloyd. “But I usually burn supreme anyway which is a little higher but you get better mileage. It’s better than walking.”
Consumers for Fair Gas Price said there should be some stability in the markets soon, as oil and gas inventories are high.
