News release

First Regulated Fuel Prices Explained

Gasoline and diesel prices posted today, July 1, in Nova Scotia are the result of a regulated process for the first time in more than a decade.

Minimum and maximum prices for each of the six zones can be seen on the website at www.gov.ns.ca/snsmr/petroleum . Retailers can charge anywhere within the minimum and maximum, but not below or above.

These prices were determined by using as their base the average daily New York Harbor spot price for five days ending June 29, which was 63.6 cents per litre. Added to this was a wholesale and retail marketing margin of ten to 11.5 cents and transportation allowance of 0.3 to two cents per litre. HST, federal excise tax and provincial fuel tax account for the remainder.

It is important to note that retail prices at many stations in the Halifax area for much of the past week did not reflect market conditions. Except for a brief period Wednesday, June 28, when prices reached near $1.15 per litre, prices were well below what would be expected considering the steady increase in New York Harbor spot price in the days leading up to the Canada Day and U.S. July fourth weekend.

FOR BROADCAST USE:

Gasoline and diesel prices posted today (July 1st) in Nova Scotia are the result of a regulated process for the first time in more than a decade.

Retail prices at many stations in the Halifax area for much of the past week did not reflect market conditions. Except for a brief period Wednesday (June 28th), when prices reached about one-dollar and fifteen cents per litre, prices were well below what would be expected considering the steady increase in New York Harbor spot price in the days leading up to the Canada Day and U.S. July fourth weekend.

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Media Contact:

David MacNeil
Service Nova Scotia Municipal Relations 902-424-6336 E-mail: