Fuel prices are set to change as the province’s energy regulator increases the retail markup on gasoline and diesel.
The Nova Scotia Energy Board says the adjustment takes effect at 12:01 a.m. on Friday in its weekly price update.
An interim 1.7‑cent‑per‑litre increase has been approved for the retail markup.
That change brings the total markup to 7.1 cents per litre, which is the amount retailers receive for selling fuel.
The increase is needed to reflect higher operating costs, according to the board.
The credit‑card usage rate used in the price formula is also rising to 57 per cent, up from 40 per cent.
More drivers are paying with credit cards, and the higher rate covers the fees retailers face when those payments are processed, the board said.
Both increases will remain in place until the board completes a formal investigation into Nova Scotia’s gasoline and diesel retail markup and issues a further order.
The review follows an April 10 application from the Retail Gasoline Dealers Association.
The association requested a 4.8‑cent‑per‑litre increase to the markup and an update to the credit‑card adjuster, citing rising operating costs in recent years.
Markup levels were last set in 2021 using 2019 data.
The board said an interim increase is needed to account for the higher minimum wage, inflation, and increased credit‑card use since then.
Updated cost information and the methodology approved in 2021 were used to determine the amount of the interim increase.
The investigation will be carried out under Section 24(2)(a) of the Petroleum Products Pricing Regulations.
A hearing order outlining timelines and procedural steps will be issued soon.
As part of the process, board counsel will hire a consultant to prepare a detailed report on the methodology used to calculate both the retail markup and the credit‑card adjuster.
The consultant will conduct a confidential survey of retailers to gather information for the review.
