Gas prices expected to tumble 5 cents on Thursday

Gas prices are expected to drop by about five cents a litre on Thursday and that could be enough to push pump prices below $1 a litre in Fredericton.

• INTERACTIVE: Gas prices in New Brunswick

CBC reporter Robert Jones said gas prices have fallen in eight of the last nine weeks and another cut is on the way.

Gas prices, which are currently set at 114.5 cents a litre, could drop by five cents a litre.

The last time the regulated maximum price of gasoline dipped below 110 cents a litre was Dec. 16, 2010.

However, the competitive gas retail market in Fredericton has regularly witnessed pump prices several cents a litre lower than the maximum price.

The possible five-cent-a-litre cut in prices could push Fredericton pump prices below $1 a litre.

Diesel prices could also tumble by four cents a litre. The maximum retail price of diesel is 132.6 cents a litre.

The EUB sets maximum prices every Thursday based on the average prices of commodity trading on the international markets during the previous week.

Retailstations are allowed to sell gas for less than the maximum prices.