Gas prices expected to head down again this week

HALIFAX – Gas prices are expected to drop again in Nova Scotia this week.

News 95.7 predicts when regulated prices are adjusted at midnight, they will fall by roughly two cents per litre.

George Murphy of Consumers for Fair Gas Prices tells News 95.7 that speculators taking their money out of the gas market has wiped out any potential jump in prices because of a rise in oil prices.

“Looking at what was happening and how much gasoline inventory was around, I’m pretty sure some speculators put two and two together and said ‘we’ve got records amount of crude out there, there’s not going to be any critical shortage of gasoline,’ so they started pulling their money out,” Murphy said.

Across the border in New Brunswick, prices fell be 1.3 per litre overnight, moving the maximum price in that province to $1.07.5/L.

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