10-cent tumble: Gas prices turn on a dime for N.L. motorists

Newfoundland and Labrador's fuels regulator slashed maximum prices for all grades of gasoline on Thursday, giving drivers the first significant cut at the pumps since early this year. The Petroleum Pricing Office ordered retailers to cut gas prices by 9.7 cents or 9.8 cents per litre. The difference accounts for the rounding effect of taxes in different geographic zones of the province. The PPO used its interruption formula to make the unscheduled adjustment in prices, only one week after it allowed a record-setting increase. Last week, prices for self-serve unleaded gas jumped to $1.493 in the St. John's area and as much as $1.658 in southern Labrador for the same fuel. Thursday's price cut comes in the wake of sharp drops in the price of oil over the last week. In a statement, the PPO said "recent weaknesses in the U.S.... [read full story]