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Newfoundland and Labrador gas prices drop for fourth consecutive week

A motorist reaches for the pump at a gas station in Toronto on Thursday, February 24, 2011. Two western Canadian cities that mandate gas stations employ attendants to pump fuel are outliers in a nation where most citizens are accustomed to do-it-yourself fill ups.
The max price for a litre of gas in Newfoundland and Labrador has decreased by more than 14 cents in the last three weeks. - The Canadian Press

With another 3.8 cents per litre (cpl) drop at the pumps this morning — the fourth straight week the maximum price has decreased — the price of gas in the province has dropped a total of 14.2 cents since Oct. 18.

The most one will pay for a litre of self-serve regular unleaded fuel is $1.25.

“These maximum prices reflect the change in the average benchmark price of the products over the current pricing period,” the Public Utilities Board stated in a release explaining the drop. “As an example, the average benchmark price for gasoline, as tracked on the New York Mercantile Exchange (NYMEX) and converted to Canadian dollars, decreased over the period by 3.3 cpl, resulting in a decrease of up to 3.8 cpl, accounting for taxation and rounding.”

All other types of fuel also saw a decline of at least one cent. Diesel is down 3.5, furnace oil experience a 2.59 cpl cut, stove oil heating fuel fell an even three cents, and propane dropped slightly by one cent.

The next scheduled change is Nov. 15.

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