Gas prices drop more than 5 cents a litre, hit lowest level in 12 months

The price of gas dropped Thursday to its lowest level in a year, with a startling 5.4-cent drop.

The Public Utilities Board ordered retailers to lower prices amid a dramatic slide in oil prices.

The change brings regulated prices to their lowest level since January 2015.

On the AvalonPeninsula, where gas prices are cheapest, the official threshold of $1 per litre has again been crossed, with a maximum setting of 99.1 cents per litre.

But many retailers in the St. John's area have been already selling gas for considerably less for weeks.

Other price ceilings in the province's geographic pricing zones include 99.8 cents in Corner Brook, $1.03 in Springdale and $1.028 in Happy Valley-Goose Bay.

Meanwhile, the cost of diesel dropped by 3.1 cents per litre.

Home-heating fuels also became cheaper overnight in the PUB's weekly setting. Furnace oil dropped by 3.47 cents per litre, while stove oil dropped by 2.64 cents per litre.

The following chart shows the recent trend in gas prices in the province. [Not seeing the chart onamobile device? Click here.]