The hike was expected after hurricane Harvey brought devastating floods to Texas, forcing oil refineries to shut down. George Murphy of Consumers for Fair Gas Prices predicted on Tuesday that gas prices could increase as much as 14.5 cpl.
Maximum diesel prices were also significantly raised in Labrador by up to 14.9 cpl, and on the Island of Newfoundland by up to 4.2 cpl.
Furnace oil and stove oil heating fuel also increased by 3.58 cpl, and there is no change to the maximum price for propane heating fuel.
“The substantial increases to the Board’s established maximum price for certain regulated petroleum products are beyond that typically experienced in a weekly price adjustment,” reads a news release from the Board of Commissioners of Public Utilities (PUB). “These increases are due in part to extraordinary commodity market developments which have resulted in significant shifts in the NYMEX market prices on which the Board’s benchmark prices are based.”
The PUB set the new maximum prices just past midnight Thursday, and will set them again Sept. 14.