Gas prices take big jump in N.S. and N.B. Will the spikes continue? | Globalnews.ca
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Drivers filling up their tanks throughout Atlantic Canada can expect a higher bill on Friday and into the weekend, as prices increased significantly overnight.
In Nova Scotia, the provincial regulator posted a 5.5-cent jump in the price of regular self-serve gasoline — to a minimum of 170.4 cents per litre in the Halifax area. The maximum is set at 172.7.
The Cape Breton area is currently experiencing the highest gasoline prices, with the minimum amount set at 172.3 cents per litre.
In the Halifax area, diesel is now set at a minimum price of 190.1 cents per litre.
In New Brunswick, the provincial regulator has pushed the price of regular self-serve gasoline to a maximum of 173.6 cents per litre, up by 9.3 cents. The maximum price for diesel is now 190.1 cents per litre.
Alwyn Jeddore, a Nova Scotia resident, said he wasn’t too pleased to see the price increase when arriving at the pump on Friday morning.
“It’s difficult when the gas prices keep fluctuating like they are,” he said.
Alwyn Jeddore outside a gas station in Nova Scotia on Friday.
Skye Bryden-Blom
“Are you going to get fuel for your vehicle to get to work, put a meal on the table, or make sure you have enough for bills … it’s not fair to anybody.”
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Jeddore said he hopes to see a decrease in both gas and grocery prices in the near future.
“I’m sure everybody is feeling the struggle right now,” he said.
More increases ahead
Dan McTeague, president of Canadians for Affordable Energy, said that tight supply and high demand are causing an increase in energy prices throughout the continent.
“The price we’re paying in Atlantic Canada is the price that the rest of North America has been paying for the last week,” he said, adding that a recent decrease in other areas of the continent could eventually trickle into the Maritime region.
“I would expect to see about a three-cent decrease next week.”
McTeague said if Nova Scotia and New Brunswick residents can avoid fueling up for a few days, then it’s possible that they’ll experience cheaper fuel costs in the near future.
“Next Thursday or Friday will be the best days,” he continued.
“Hold off buying, if you can, and wait until next week. It’s not great, but it’ll be a little bit better.”
He said despite the prospect of temporary relief at the pumps, adjustments to the federal carbon tax on April 1 will cause a 3.8-cent increase.
McTeague, who spent 18 years in Parliament representing the Ontario riding of Pickering—Scarborough East, said the federal government should “put a pause” on the upcoming increase to the existing carbon tax.
“Removing the carbon taxes would see prices drop about 29, 30 cents a litre,” he said, adding that the outlook for the summer is a 20 to 25-cent increase overall.
“By about mid-April, we will see the switchover from the winter to summer blends of gasoline. That will add another seven cents a litre.”
McTeague said that prices could rise another 10 cents if oil commodities hit $90 a barrel.
Despite several factors indicating that prices are unlikely to slow in the short term, he said there is a scenario where Canadians could experience some relief at the pump — if oil starts to be delivered through the Trans Mountain pipeline expansion.
“If that happens, then the Canadian dollar could surge maybe 10 to 15 per cent,” he said. “That might forestall and save us a nickle on every litre of gasoline.”
— with files from Global News’ Skye Bryden-Blom
© 2024 Global News, a division of Corus Entertainment Inc.
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