Attention shoppers: N.B. fuel prices coming down for one day only

New Brunswick consumers trying to time up and down swings in the province's regulated fuel prices to save money are likely to have a single day on Wednesday to take advantage of yet another market dip.

Trading in petroleum markets in New York sent prices for gasoline, diesel and heating oil down sharply Monday. 

Under New Brunswick petroleum pricing rules, that decline has to be passed on to consumers at local pumps on Wednesday.

But on Thursday, New Brunswick's normal formula takes over again and based on trading in New York over the entire week, prices appear ready to pop back up to current levels, if not higher.

According to Reuters, a surge in COVID-19 cases in China caused a lockdown in the financial hub of Shanghai and sent oil and petroleum markets worldwide into a tail spin Monday. 

Concern Shanghai's troubles might set off a chain reaction in other major cities in China and slow the economy pulled energy prices down everywhere.

"The fear that the lockdowns could spread...has resulted in further decline of the market," said Andrew Lipow of Lipow Oil Associates in Houston, according to Reuters.

In New York spot markets, where New Brunswick prices originate, trading in gasoline fell between seven and eight cents per litre with diesel falling at least nine cents.   

Any change in trading greater than six cents has to be applied against New Brunswick's current maximum price by midnight of the following day.

At 12:01 Wednesday morning that should produce the lowest prices for gasoline in New Brunswick in nearly four weeks, but only for 24 hours.

Wednesday's drop will be the eighth special price setting in New Brunswick in March as Russia's war on Ukraine and ongoing COVID troubles drive petroleum markets up and down with unprecedented frequency.

Gasoline prices have jumped more than eight cents overnight in New Brunswick four times and after Wednesday will have fallen that much or more three times, making it difficult for budget conscious motorists to time purchases.

An added wrinkle this week is an April 1 increase in carbon charges.  That means an extra 2.2 cents on gasoline prices on Friday.