HALIFAX – The regulated price of gasoline in Nova Scotia will change at midnight, two days earlier than prices are normally set in the province.
The Utility and Review Board says it will use the power it has to interrupt the weekly price change because of “significant shifts” in the market price of gas.
It will not be used to adjust diesel prices this week.
Gas prices have rallied since Friday, following a report that the number of rigs operating in the United States has dropped sharply. Since then prices have gone up about 15 per cent.
Tuesday’s gains followed an announcement from oil giant BP to cut exploration spending. another sign that the recent plunge in prices will lead to cuts in global production.
The sudden increase in prices follows a months-long decline that knocked oil prices down about 60 per cent.
The last time the interrupter clause was used in Nova Scotia was in October 2012, which saw gas prices drop by 5.3 cents per litre. This time, they are expected to go up.
Under the regulated system, prices are normally set each Friday by the UARB at 12:01 a.m. The board says the regular weekly price adjustment is still expected to happen this week.
– With files from the Associated Press and Marieke Walsh
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