A hike of nearly three cents per litre has brought the average price of regular gasoline in Nova Scotia to heights it hasn’t seen in years, thanks to a variety of factors.
GasBuddy.com analyst Dan McTeague said the increase in advance of a holiday is a typical measure used by retailers to recoup losses they might’ve experienced in recent weeks and months.
But he says there’s more to the rising number on gas station signs than that.
“It has a lot to do with where there has been massive changes in the fortunes of oil,” McTeague said. “On top of that the Canadian dollar is not, and I repeat not responding to the traditional methods of rising in accordance with oil.”
McTeague indicated political issues such as the United States imposing sanctions on Iran and overseas quotas limiting oil supply have helped boost gas prices to a level they haven’t reached since 2014.
GasBuddy.com says they saw the rise coming for this year and don’t expect it to reverse its trajectory any time soon.
“The prices right now we’re looking at appear to be about 27 cents a litre higher in the province than this time last year,” he explained. “Outlook for the summer is we traditionally see about a five, maybe even a seven cent increase from this time.”
Getting caught up in the price increase can be unavoidable for frequent drivers, but McTeague advises that if you missed your chance to gas up earlier in the week, waiting as long as possible can be beneficial.
“Don’t buy gas today if you can avoid it,” he said. “Wait until Saturday or Sunday as prices should start to drop.”