The Utility and Review Board is likely not done lowering gasoline prices in Nova Scotia.

Wednesday, prices dropped by 5.3 cents a litre after the regulatory board enacted the interrupter clause. It’s expected it will also use it’s regular weekly adjustment to lower prices even more at midnight.

News 95.7 is predicting gasoline will drop one to two cents a litre Friday morning.

George Murphy with Consumers For Fair Gas Prices says the downward trend can be directly attributed to drivers not buying as much fuel which has created a surplus of gas on the markets.

“With demand certainly cut back by the 2.7 per cent, it readily showed and of course, gasoline inventories are built up again this week. So, over the last couple of weeks…knocking around that $1.40 price level I think consumers spoke out on a collective basis and they certainly impacted inventory,” Murphy said.

Murphy told The Rick Howe Show we may eventually see gas move below the $1/litre mark.

“It’s not unheard of. It would not be a surprise to see that knowing the state of the economy right now and the state of people spending and this is certainly what’s needed, I guess, to get people spending again.,” he said.

Murphy said the same factors are in play for the diesel fuel markets with a drop of one to two cents a litre expected in the price of diesel tonight as well.

Across the border in New Brunswick, a big change was recorded overnight.  Regulated prices dropped by 8.8 cents a litre, moving the maximum price to $124.1.