The Nova Scotia Utilities and Review Board (NSUARB) increased the price of diesel 8.9 cents per litre on Wednesday. People using diesel powered machines in the province are now paying a minimum of $168.7 per litre. Gasoline and furnace oil prices remain unchanged.
The NSUARB says the benchmark price of fuel is based on an average of the daily market price for refined product on the New York Mercantile Exchange converted into Canadian dollars. It uses special powers through what is calls the “interrupter clause” to increase or decrease fuel prices when warranted. The board says the latest adjustment is a result of conflict with Iran and Israel, and its affect on the NYMEX.
The NSUARB changes monitors the markets for gasoline and diesel oil daily, adjusting prices if warranted.
CKOA Radio spoke to Eric Kirby of the NSUARB about the fluctuating price of fuel.
