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N.S. invoking interrupter clause after just raising gas prices by 10 cents

Click to play video: 'Nova Scotia invokes interrupter clause as gas prices soar' Nova Scotia invokes interrupter clause as gas prices soar
WATCH: If you need fuel, you’re probably wishing you made a stop at the pumps on Friday. Prices reached record highs overnight, but the utility and review board is invoking its interrupter clause again tonight. Experts warn the hikes might not be done yet. Callum Smith reports. – Mar 4, 2022

Gas prices are expected to rise for the second day in a row in Nova Scotia after the province’s utility and review board said it would invoke its interrupter clause to further adjust the price of oil and gas.

In a release, the NSUARB said pump prices will once again change at midnight Friday night, just a day after they rose by more than 10 cents per litre to a new record high.

“This change is necessary due to significant shifts in the market prices of gasoline and diesel oil,” it said.

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The new price isn’t yet known, but the change in gas prices needs to be by at least six cents to invoke the interrupter clause.

Gas prices across the country are soaring as Russia’s invasion of Ukraine puts even greater pressure on an already-surging oil price environment.

The high demand for oil combined with a shortage of supply have been pushing oil prices, and consequently, gas prices up for weeks.

Read more: Alberta gas prices soar as war in Ukraine continues

On Friday, gas prices spiked throughout the province by 10.1 cents overnight.

The self-serve regular minimum in Halifax is now at an all-time high of 166.6 cents per litre. For comparison, gas was 131.7 cents per litre at the end of August, and 124 cents exactly one year ago.

Read more: Canadian gas prices set to soar this weekend amid Russia’s invasion of Ukraine

Toward the beginning of March 2020, the price of gas in the Halifax area was 105.9 cents, but fell all the way to 64.1 cents by the end of the month as fears of COVID-19 caused gas prices to plummet.

On Friday, diesel prices were also up, reaching 183.7 cents in the Halifax area.

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Prices are even higher elsewhere in the province. In Cape Breton, the self-serve regular minimum for gas has risen to 168.5 cents and the price of diesel is now 185.6 cents.

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