Nova Scotians could see some relief at the gas pumps Saturday morning after the province’s Utility and Review Board (NSUARB) said it will be invoking its interrupter clause.
Gas and oil prices will be adjusted at midnight on Saturday when the clause takes effect.
In a release from the NSUARB, it says, “This change is necessary due to significant shifts in the market prices of gasoline and diesel oil.”
The release did not say how much the prices would be adjusted.
“The benchmark prices of gasoline and diesel oil are based on an average of the daily market price for refined product on the New York Mercantile Exchange (NYMEX) converted into Canadian dollars,” read the release.
As of Friday, the minimum price of regular gas in Halifax was $1.82 per liter, while those in Cape Breton were paying a minimum price of $1.84 per liter for gas.
The NSUARB monitors the markets for gas and diesel oil daily and may set a new price at any time “should conditions warrant.”
Russia’s war in Ukraine has pushed gas prices to record levels as countries impose sanctions on Russian oil. The average gas price in Canada climbed to $1.87 per liter on Thursday, up from $1.66 per liter last week, according to the gas price tracking website GasBuddy.com.
Prior to Russia’s invasion, oil prices had been steadily climbing since November 2021, after previously falling due to the rise of the Omicron variant of COVID-19. The price of brent crude peaked at around US$128 per barrel on Tuesday before falling to US$111 the following day. As of Friday, the price sits at around US$108.