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Dec 21, 2023 · The price of gasoline, diesel and stove oil in Labrador are up due to rising costs for suppliers tied to federal clean fuel regulations, according to Newfoundland and Labrador's Public...
- 1 Fuel Price Update Synopsis
- 2 Fuel Prices
- 3 Impact of Fuel Prices on Reimbursement Rates
Corporate Fleet Services (CFS) has been mandated by the Treasury Board of Canada Secretariat to perform the Annual evaluation of per-kilometre Reimbursement Rates for government employees that are required to use their personal vehicles while performing government business. Furthermore, the periodic impact of varying fuel prices is to be evaluated ...
2.1 Energy Market Context
Over the past three months, global crude oil prices have been rising steadily, reaching their highest levels since 2014. Oil prices were at a three-month low on December 1st, 2021 when West Texas Intermediate (WTI) was at $65.57 USD per barrel and Brent stood at $68.87 USD per barrel. Since then, both have been on a relatively steady upward trend recording a period maximum on February 14th, 2022 with WTI reaching $95.46 USD per barrel and Brent $96.48 USD per barrel, an increase of 45.6% and...
2.2 Gasoline Prices Across Canada
After a significant decline between September and November of 2021, gasoline prices, similar to crude, have been on the rise since early December, reaching record levels by early February 2022. This rise in prices is quite unusual for winter months as winter-grade gasoline is less expensive to produce than summer-grade. This year however, other factors have played a more important role in the fuel price hike. The rising crude oil prices, diminishing inventories as well as a generally strong d...
2.3 Sales Taxes
For the current Update, research was performed to see if there were any relevant changes to Federal and Provincial sales taxes that could have an immediate impact on the Reimbursement Rates. As of the date of this Update, no changes were observed in sales taxes anywhere in Canada as compared to the previous Annual Report. Moreover, no changes are foreseen at this time for the immediate future.
3.1 Fuel Consumption
In calculating the fuel costs contribution to the total vehicle operating costs, the methodology employed in the Annual Report was strictly adhered to. Fuel consumption for every vehicle model in the study was thus combined with average prices per Province or Territory to determine the fuel portion of operating costs, based on an average of 20,000 kilometres per year.
3.2 Updated Reimbursement Rates
For comparison, the following table provides updated Travel and Commuting Rates, as well as rates previously calculated for the Annual Report (November 2021, for publication on January 1st, 2022): Current Fuel Update Reimbursement Schedule (in dollars per kilometre) Note: All figures were rounded up to the nearest half-cent. The impact of gasoline prices on the Reimbursement Rates was minimal for the present Fuel Update. In comparison with the Annual Report (November 2021, for publication on...
Mar 15, 2022 · When the price freeze took effect, the Coastal Labrador North zone had the highest gas prices in the province: $1.89 a litre for full-service unleaded gas — 29 cents more expensive than on...
Jun 30, 2022 · With changes in pricing benchmarks, fuel prices in Labrador break down as follows: From the Labrador Straits to Red Bay, diesel decreased by 28.7 cents per litre, putting the price at...
Apr 28, 2022 · Gas prices are up on the island and in Labrador but only by 0.9 cents per litre. It’s the same for diesel on the island with a 1.2 cent increase, but in Labrador, it will cost 31.7 cents less to fuel up. Furnace heating fuel goes up by 1.11 cents a litre province-wide while stove oil goes up by 4.16 cents on the island and down by 27.56 cents ...
Jun 30, 2022 · With changes in pricing benchmarks, fuel prices in Labrador break down as follows: From the Labrador Straits to Red Bay, Diesel decreased by 28.7 cents per litre, putting the price at...
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2020 Labrador Petroleum Products Pricing Review Consultation Paper . October 16, 2020 . This consultation paper is being released for stakeholder comment and feedback to assist in . the Board’s review of the regulation of the maximum price of petroleum products in Labrador.
