Gas prices soar 11.3 cents unexpectedly across N.L.

The cost of gasoline spikedacross Newfoundland and Labrador againTuesday as the regulatory board in charge ofsetting pricesunexpectedly increased them 11.3 cents per litre.

In a media release issued shortly after 8 p.m. Monday night, the Public Utilities Board said the increase is due to"recent commodity market developments" anda "significant upward shift in the benchmarks"the board uses to set the maximum prices for gasoline.

Consumers will now pay a maximum of $2.17 per litre across the Avalon Peninsula, $2.18 in the Corner Brook and Port aux Basques areas, and $2.19 on the Burin Peninsula and in central Newfoundland. On Fogo Island and in the Springdale area, prices have breached the $2.20-a-litre mark, with gasoline costing$2.24 and$2.21 respectively. On the Northern Peninsula prices range from $2.19 to $2.21 a litre.

The highest price in Newfoundland is in Ramea,where one litre will cost as much as $2.29.

Prices are a little lower in parts of Labrador. In the Straits, it is$1.74 a litre, $1.78 in the south and$1.62 in central Labrador. But prices aremuch higherin western Labrador at $2.23 per litre and in Churchill Falls at $2.26.

The PUB generally sets the price on gasoline on Thursdayof each week, but with the ongoing global oil market in turmoil since the Russian invasion of Ukraine, prices have fluctuated, with the board changing prices nearly two dozen times since March.

There was no increase to other types of fuels such as diesel or home heating oil,which havebeen steadily rising over recent weeks.

The following chart shows how gas prices have changed recently at Newfoundland and Labrador retailers, as reported by users of the GasBuddy.com website.

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