Gas prices jump again, reach highest level since last summer

For the second week in a row, Newfoundland and Labrador's fuels regulator has tacked on a significant increase tothe price of gasoline.

The Public Utilities Board hoisted the ceiling on all gas prices by 3.5 cents a litre. The change is marginallyless in some pricing zones because of rounding for taxes.

The change puts the maximum price for a litre of self-serve unleaded gas on the Avalon Peninsula at $1.142. Some retailers charge considerably less, particularly in the days leading up to the next PUB price setting each Thursday.

Outside the Avalon, gas prices are higher.

Gas has not been this expensive since the middle of August.

Last week, the PUB approved a four-cent hike in gas prices, while responding to a rally in oil markets.

Meanwhile, the PUB has also allowed a hike of 3.9 cents in the price of diesel.

Furnace oil and stove oil both jumped by 3.07 cents.

Price trend

The following chart shows the recent trend in average gas prices in the province, as reported by individual consumers through GasBuddy.com. [Not seeing the chart onamobile device? Click here to start navigating.]