Based on coverage from CBC, CBC, Times Colonist, The Peterborough Examiner, and Weekly Voice.
Atlantic Canadians got a bit of relief at the pump this week, but it’s coming in fits and starts, and the message from at least one economist is pretty blunt: enjoy the dip while it lasts.
Across the region, provincial fuel regulators have been making quick adjustments as global oil markets swing on news about the war involving Iran and the U.S. and Israel, and the knock-on effects for shipping through the Strait of Hormuz.
Gas prices ease across the Maritimes
Drivers in Nova Scotia, New Brunswick, and Prince Edward Island saw regular gas prices fall on Saturday, marking the first broad break since late February.
In Nova Scotia, the minimum price of regular gas in the Halifax area dropped 8.4 cents per litre to 178.7 cents. All six of the province’s petroleum price zones were below 190 cents per litre.
New Brunswick’s maximum price for regular self-serve gasoline fell 5.1 cents to 184.4 cents per litre.
On P.E.I., regular gas dipped four cents to a minimum of 193.7 cents per litre.
Those are meaningful moves for anyone commuting or running errands, even if prices still feel high compared to what Canadians were paying earlier this winter.
Newfoundland and Labrador sees whiplash pricing
Newfoundland and Labrador’s story is more of a zigzag.
After a sharp drop Friday, diesel and home heating fuels ticked up again Saturday. The province’s Public Utilities Board (PUB) increased diesel by 3.8 cents per litre across Newfoundland, and by 2.4 cents per litre in Labrador West and Churchill Falls, based on market data available at the end of day Thursday.
That pushed maximum diesel prices to between $2.28 and $2.42 per litre depending on where you are on the island, and between $1.75 and $2.42 per litre in Labrador.
Furnace oil rose by just under 3.3 cents per litre Saturday, bringing maximum prices to between $1.78 and $1.99 across the island. Stove oil in Labrador West and Churchill Falls went up by more than 1.6 cents, with maximum prices ranging from $1.28 to $1.90 across Labrador.
Gasoline was the one fuel that dipped, down 0.6 cents per litre. Maximum pump prices ranged from $1.90 on the Avalon Peninsula to $2.06 elsewhere on the island, and from $1.60 to $2.01 in Labrador, depending on location.
The PUB’s next scheduled price adjustment is Tuesday, and it’s continuing daily changes from Tuesday to Saturday due to market volatility tied to the Middle East conflict.
Strait of Hormuz disruption drives oil volatility
Multiple reports point to the same pressure point: shipping through the Strait of Hormuz has “essentially stalled” since the war began in late February. That disruption has helped push oil prices up sharply, with Brent crude rising from roughly US$70 a barrel before the war to more than US$119 at times. By Friday, Brent had fallen 0.5 per cent to US$95.47.
In Canada, Western Canadian Select was still above US$84 per barrel late Friday afternoon, which the reporting notes continues to support Alberta’s oil-dependent economy.
The catch for drivers out east is that pump prices can react with a lag, especially in provinces where regulators set price floors, ceilings, or both.
Why Atlantic Canada uses fuel price regulators
One key regional wrinkle: Canada’s four Atlantic provinces use regulatory boards to set gas prices weekly, unlike other parts of the country.
Those boards use formulas that include global markets, supply and demand dynamics, and taxes. Supporters say the approach adds transparency, requires cost breakdowns, and offers more stability for rural stations that can be hit hard by sudden swings.
Lately, though, regulators have also been making off-schedule changes, responding more quickly than usual as the war drives sharper market moves.
Economist warns the dip may be brief
Constantine Passaris, an economics professor at the University of New Brunswick, said he’s not reassured by peace talks between the United States and Iran, arguing the conflict is still active and supply chains are still at risk.
His advice to consumers was to fill up while prices are down, warning that the next couple of months could be volatile.
Meanwhile, analysts were watching Saturday talks involving U.S. and Iran officials in Pakistan, with markets still jittery as Hormuz traffic remains near a standstill.
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