Gas prices expected to fall significantly in Nova Scotia at midnight

Gas prices expected to fall significantly in Nova Scotia at midnight
© THE CANADIAN PRESS/Jonathan Hayward The Nova Scotia Utility and Review Board is invoking the interrupter clause to adjust the price of gas in the province.

Drivers in Nova Scotia should be prepared to see a significant drop in gas prices at the pump.

The Nova Scotia Utility and Review Board (UARB) said Tuesday it will be invoking its interrupter clause at midnight, in order to adjust the prices of gasoline and diesel oil.

“This change is necessary due to significant shifts in the market prices of gasoline and diesel oil,” the UARB wrote in a news release.

The release did not specify whether the price would be adjusted higher or lower, nor by how much.

However, analysts have predicted that gas prices would drop by at least 10 cents per litre in most of Canada this week after the price of oil plunged last Friday.

Energy stocks have plummeted due to panic on the world markets as a result of the emergence of the Omicron COVID-19 variant.

Video: Global News Morning Market and Business Report – Nov. 30, 2021

The rest of the country has already seen the change in gas prices.

Gas prices in Montreal hovered around $1.53 per litre on Friday. By Sunday afternoon the average price fell to $1.44 per litre.

In the Maritime provinces, however, the price of gas is regulated by a utility board or commission.

In Nova Scotia, the UARB monitors the markets for gasoline and diesel oil daily and, should conditions warrant, may set a new price at any time.

As of Tuesday, drivers in Halifax are paying a minimum of $1.39 per litre for regular gas. In Cape Breton, the price of gas is a minimum of $1.41 per litre.

The last time the interrupter was used by the board was in March of this year when the price of gas fell by eight cents a litre.

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