How is the price of fuel determined?

U.S crude oil prices are determined by global fundamentals, including supply and demand, inventories, seasonality, financial market considerations and expectations. Federal, state, and local government taxes also contribute to the retail price of gasoline.

Who sets gas prices in Nova Scotia?

By law, the Nova Scotia Utility and Review Board (NSUARB) is responsible for setting fuel prices under the Petroleum Products Pricing Act and regulations. The Utility and Review Board sets minimum prices for fuel sold at full- and self-service stations, and the maximum price for fuel sold at self-service stations.

What is the price of furnace oil in Nova Scotia?

Average cost of furnace oil per litre in Halifax this week is 81.5 cents compared to 102.3 in 2015.

Who sets fuel prices in Canada?

Taxes are the second largest factor in the cost of gas and make up about 35% of the pump price. Unlike other factors, gas taxes are set by government policy and are not impacted by competition. Each province is entitled to set gas taxes and as a result the pump price will vary from province to province.

What is the profit margin on fuel?

The gross margin (or markup) on gasoline in 2018 was 23.8 cents per gallon, or 8.7% of the average price of $2.72 for the year. Over the past five years, retailer gross margins have averaged 21.6 cents per gallon, or 8.5% of the overall price.

Who controls the price of oil?

Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.

Did the price of gas go up in Nova Scotia?

In Nova Scotia, regular self-serve gas increased by 3.2 cents overnight to a new minimum price of $1.372 per litre.

What was the highest gas price in Nova Scotia?

Gasoline prices in Nova Scotia have moved into record territory. That breaks the record of $145.4 set back in April of 2012. There was an increase in the price of diesel overnight as well as prices jumped by 2.1 cents to a minimum of $140.1.

What are gas prices in Nova Scotia today?

Gasoline Prices:

• Regular Unleaded. Self-Service. Min. 137.1. Max. 139.6.
• Ultra-Low Sulfur Diesel. Self-Service. Min. 126.0. Max. 128.4.

How long will 200 gallons of heating oil last?

For example, if you had 200 gallons of oil delivered and it took 20 days to reach the same level on your tank gauge, you used about 10 gallons a day. Compare your fuel consumption to the temperatures you recorded to get a sense of how much temperature affected your oil use.

Is it expensive to heat a home with oil?

On average, oil heating prices are 2.5 to 5.5 times lower than electric-based heating prices, and older gas furnaces can be much more expensive to run than oil-based systems. Oil heat is an especially cost-efficient method for warming larger homes in colder climates, as oil tends to burn hotter than gas.

Why is fuel so expensive in Canada?

The number one reason for high Canadian gas prices, by a long shot, is taxes. Road tax, carbon tax, federal excise tax, GST, HST and, in some cases, a municipal transit tax. Compare that to Montreal where drivers are paying $0.32 per litre in federal excise tax, provincial fuel tax and local transit tax.

How much is fuel in Canada?

The average retail price for regular, unleaded gasoline at self-service stations in Canada was 118.2 Canadian cents per liter in February 2021. Prices hit an all-time low of 77.8 dollars per liter in April 2020. Why do gas prices fluctuate?