UARB us­ing in­ter­rupter clause to raise gas prices

Truro Daily News - - PROVINCE -

Nova Sco­tia ga­so­line were set to go up again Fri­day at mid­night, just 24 hours af­ter the weekly gas price was es­tab­lished by the provin­cial reg­u­la­tor.

The re­tail price for reg­u­lar self­ser­vice ga­so­line in­creased 7.4 cents a litre at mid­night Thurs­day, due to ris­ing prices on North Amer­i­can en­ergy mar­kets caused by supply short­ages brought about by re­fin­ery shut­downs in Texas.

Texas and other U.S. states along the Gulf of Mex­ico were ad­versely af­fected by heavy rains and se­vere flood­ing brought by hurricane Har­vey.

The use of the in­ter­rupter clause Fri­day at mid­night was nec­es­sary due to sig­nif­i­cant shifts in the mar­ket price of ga­so­line, the Util­ity and Re­view Board stated in a news re­lease.

The price for diesel oil is not af­fected by the in­ter­rupter at this time.

The Nova Sco­tia URB has been given the author­ity by the provin­cial gov­ern­ment to mon­i­tor the mar­ket prices for diesel oil and ga­so­line daily and, if con­di­tions war­rant, may set a new price at any time.

Ac­cord­ing to the price set­ting reg­u­la­tions, if the price fluc­tu­ates be­tween six cents and eight cents a litre, the URB may use the in­ter­rupter to set the price ahead of the normal weekly price set­ting time of mid­night Thurs­day.

Nova Sco­tia’s bench­mark price of ga­so­line is based on an av­er­age of the daily mar­ket price for re­fined ga­so­line on the New York Mer­can­tile Ex­change, con­verted into Cana­dian dol­lars. Re­tail price paid at the pumps is the bench­mark price with whole­sale mar­gin, re­tailer markup, trans­porta­tion al­lowance and taxes added.

Chang­ing the price early, ac­cord­ing to the URB, aims to pro­vide fair prices for con­sumers while main­tain­ing se­cu­rity of supply for the prov­ince.

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