Drop in gas prices takes sting out of summer driving costs

Gas prices in Newfoundland and Labrador took their largest one-week drop in five months Thursday, as the province's fuels regulator told retailers to curb what they charge.

The cost of most grades of gasoline dropped overnight by about 1.9 cents per litre. The difference may be less in some pricing zones because of rounding for taxes.

The Public Utilities Board lowered the price in its weekly Thursday price setting.

The price change means that a litre of unleaded self-serve gas on the Avalon Peninsula can now retail for no more than $1.528.

Gas prices hit three consecutive highs in July, but have tapered off a bit since.

However, drivers will still feel the pinch when they pay at the pump. Prices now are a full 48 cents higher per litre than they were one year ago.

Gas prices have been climbing because of hiking oil prices as well as shifts in the Canadian dollar's exchange against the U.S. dollar.

Meanwhile, diesel prices dropped Thursday 3.2 cents a litre.

Furnace oil prices are also down, by 2.74 cents per litre.

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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