Gasoline Prices Reduced

Gasoline prices in Nova Scotia have been reduced by eight cents per litre, effective today, Aug. 15, as a result of declining wholesale gasoline prices in North America.

"This is an excellent example of how gasoline regulation benefits consumers," said Service Nova Scotia and Municipal Relations Minister Jamie Muir. "Wholesale gasoline prices declined considerably late last week. The regulations allow us to pass these savings along to Nova Scotians in the form of lower prices at the pumps."

Legislation permits the minister of Service Nova Scotia and Municipal Relations to intervene in the event of circumstances that cannot be predicted as part of normal business operations.

Existing conditions in the North American gasoline market justify re-setting the price so consumers pay a fair retail price for gasoline.

"These have resulted in a sharp decrease in the New York benchmark price for gasoline and we want any reduction passed on to consumers as soon as possible," said Mr. Muir. "This is one of the safety mechanisms designed as part of the regulation model, and it's operating as it should under market conditions."

The price of regular unleaded self-serve gasoline has been reduced by eights cents per litre and other grades and levels adjusted accordingly.

This interim adjustment will not impact the next regularly scheduled pricing period scheduled to take effect at 12:01 a.m. on Thursday, Aug. 24.