Major increases in fuel prices with more possible

Fuel prices increased across most of Newfoundland and Labrador early Saturday after the Public Utilities Board implemented an extraordinary adjustment outside its regular pricing schedule.

The board said the change was necessary due to recent developments in global commodity markets that led to sustained increases in fuel benchmark prices.

Gasoline prices rose by as much as 12.4 cents per litre.

Diesel prices on the island portion of the province increased by up to 26.7 cents per litre, while diesel prices in western Labrador climbed by up to 25.9 cents per litre.

Furnace oil heating fuel on the island increased by up to 23.2 cents per litre. Stove oil heating fuel in western Labrador rose by up to 22.46 cents per litre.

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

The board noted that fuel prices had already been adjusted during its regularly scheduled review on March 6. Those prices were based on an average of commodity market prices between Feb. 26 and March 4.

However, officials said daily benchmark prices continued to rise beginning March 2, with a further spike recorded on March 5, prompting the additional increase.

The next regular price adjustment is scheduled for March 13, but continued volatility in commodity markets could result in further extraordinary price changes in the coming days.