Hike | Price expected to jump by 8 cents

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By Canadaeast News Service

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It appears gas prices may have finally hit bottom.

After weeks of downward trending and near record-low pump prices, the price of gas is expected to shoot up by approximately eight cents when the New Brunswick Energy and Utilities Board makes its adjustment at midnight.

Despite the expected increase, it's still a long way to go before gas prices return to the cringe-inducing numbers they reached at their peak last summer.

In September, gas prices shot up to almost $1.40 per litre. By comparison, the current maximum retail price is just below 66 cents, which is as low as prices have been in nearly seven years.

According to data from M. J. Ervin and Associates, the last time gas prices dipped so low was March 5, 2002, when the consultant group reported prices were 65.9 cents per litre in Moncton.

On Dec. 11, gas prices in New Brunswick fell to the 71.31-cent mark, roughly half of what they were during the highest gas prices last summer.

The decline represents a drop of nearly 75 cents in less than four months.

Last week, the maximum retail price for regular self-serve gasoline fell 4.17 cents, to 65.95 cents.

Mid-grade self-serve dropped to 69.34 cents per litre, down from 73.51 cents per litre last week, while premium self-serve dropped to 72.73 down from 76.90.

Diesel continued to drop, falling four cents per litre to 89.6 cents.

Furnace oil dropped 5.36 cents per litre to 66.16 cents. Propane rose almost half a cent per litre to a maximum of 89.61 cents.

The N.B. benchmark rate is based on the average daily price at the N.Y. Harbor division of the N.Y. Mercantile Exchange.

Prices listed here don't include the up to 2.5-cent-per-litre delivery charge.