Gas prices set to drop again, approaching $1 a litre

New Brunswick gas prices are expected to fall to close to $1 a litre on Thursday when the Energy and Utilities Board resets the maximum fuel prices.

The maximum price of regular gasoline is 106.8 cents per litre, but CBC reporter Robert Jones predicts that could fall by five cents on Thursday.

Gas prices have fallen in 10 of the last 11 weeks.

This price cut could mean drivers are paying less than $1 a litre on Thursday.

Drivers in the Fredericton area have been enjoying gasoline prices selling well below the regulated maximum price.

There were long lines on Tuesday at the Fredericton Costco store, where regular gas prices dropped to 90.9 cents a litre.

While gasoline prices are set to tumble again on Thursday, Jones said diesel and furnace oil prices are unlikely to move significantly.

The regulated price for diesel is currently 124.4 cents a litre.

The Energy and Utilities Board sets maximum prices every Thursday based on the average prices of commodity trading on the international markets during the previous week.

Retail stations are allowed to sell gas for less than the maximum prices.