Nova Scotia drivers should be prepared to see a significant drop in gas prices at the pump.
The Nova Scotia Public Services and Review Board (UARB) said Tuesday it will invoke its midnight blackout clause to adjust gasoline and diesel prices.
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“This change is necessary due to significant changes in the market prices of gasoline and diesel,” wrote the UARB in a press release.
The statement did not specify whether the price would be adjusted higher or lower, or by how much.
However, analysts have predicted that gasoline prices would fall by at least 10 cents per liter in most of Canada this week after the price of oil plummeted last Friday.
Energy stocks have plummeted due to panic in world markets as a result of the emergence of the Omicron COVID-19 variant.
The rest of the country has already seen the change in gas prices.
Gasoline prices in Montreal hovered around $ 1.53 per liter on Friday. By Sunday afternoon, the average price fell to $ 1.44 per liter.
In the maritime provinces, however, the price of gas is regulated by a public services board or commission.
In Nova Scotia, the UARB monitors the gasoline and diesel oil markets on a daily basis and, if conditions warrant, it can set a new price at any time.
As of Tuesday, Halifax drivers are paying a minimum of $ 1.39 per liter for regular gasoline. In Cape Breton, the price of gasoline is a minimum of $ 1.41 per liter.
The last time the board used the switch was in March of this year when the price of gasoline dropped eight cents a liter.
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