Fuel prices increased following another adjustment by PUB

The Public Utilities Board intervened and adjusted maximum fuel prices outside its regular schedule following recent developments in commodity markets.

The changes applied to all areas of the province except Zones 10, 11, 11a, 11c, 12 and 14. No extraordinary adjustments were implemented for propane heating fuel.

Gasoline prices increased by up to 7.9 cents per litre. Diesel motor fuel rose by up to 12.2 cents per litre on the Island, and by 12.5 cents per litre in Zones 13 and 13a in Labrador.

Furnace oil heating fuel on the Island increased by 10.56 cents per litre, while stove oil heating fuel in Zones 13 and 13a in Labrador rose by 10.90 cents per litre.

The board said that while gasoline prices were adjusted as scheduled on March 20, the benchmark used was based on average market prices from March 13 to March 18. Additional spikes in commodity prices on March 19 and March 20 created sustained upward pressure, prompting the extraordinary adjustment.

It also noted that diesel and heating fuel prices were adjusted March 21 based on March 19 market data, but another spike on March 20 led to further increases.

The board said volatility in commodity markets remained high ahead of the next scheduled price adjustment on Friday, March 27.