Nova Scotia gas prices to drop at midnight after significant market shifts

Click to play video: 'COVID-19: Stock markets in Canada, crude oil prices collapse'
COVID-19: Stock markets in Canada, crude oil prices collapse
WATCH: The world's stock markets took a beating on Monday amid COVID-19 fears, and the price of gas could be coming down thanks to an oil production war – Mar 9, 2020

The plummeting of global markets due to the new coronavirus outbreak will result in relief at the pumps for Nova Scotians.

The Nova Scotia Utility and Review Board will be invoking its interrupter clause due to significant shifts in the market prices of gasoline and diesel oil.

“Pump prices will be changed at midnight tonight,” the board said in a news release.

The average price of regular gasoline in Nova Scotia is $1.07 per litre. It’s unclear how much the price will change at midnight.

READ MORE: Plunging oil prices amid coronavirus fears slam Wall Street, TSX sinks to 14-month low

In Toronto, petroleum analyst Roger McKnight told Global News that Ontario’s capital will be seeing a drop of approximately 10 cents per litre on Wednesday.

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Prince Edward Island saw a six-cent-per-litre decrease on the price of gas, diesel and furnace oil on Tuesday.

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The decrease is the result of a collapse of an oil supply cut agreement between Saudi Arabia and Russia, coupled with the uncertainty and less demand for oil amid the COVID-19 outbreak, according to McKnight.

Click to play video: 'The bigger impact of falling gas prices due to rising coronavirus fears'
The bigger impact of falling gas prices due to rising coronavirus fears

Just as oil prices fell 20 per cent, stocks throughout North America also plummeted on Monday. The Dow Jones crashed 20 per cent, while the benchmark S&P 500 tumbled seven per cent to its lowest since June 2019.

The energy index plunged 17.3 per cent to its lowest level since August 2004.

READ MORE: Wall Street, TSX pause trading as stocks plunge amid oil market chaos

A full breakdown of the last approved price of gasoline can be found here.

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With files from Ryan Rocca. 

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