Furnace oil prices hit 6-year low in New Brunswick
Collapsing world petroleum prices and the gentle pace of natural gas regulation are helping New Brunswickers with furnaces in their homes enjoy the cheapest winter heating season they've had in several years.
- INTERACTIVE: Follow the price of fuels in New Brunswick since 2006
Furnace oil prices sunk to a six-year low in New Brunswick on Thursday, good news for Frank Vanderlaan, 83, of Hatfield Point, who is expecting an oil delivery any day.
"It makes a big difference for me of course," said Vanderlaan, who lives in a 99-year-old home.
"I paid $3,355 [for oil] in 2014."
The current maximum price for oil in New Brunswick is 73.2 cents per litre, plus HST — the lowest its been since October 2009 and 40 cents less than the average price Vanderlaan was charged in 2014.
It's enough to save him about $200 on every fill up.
Enbridge wants rate increase
Furnace oil is now well below the cost of electric baseboard heat in New Brunswick, but it's not the only fuel to take a dip for homeowners this winter.
Propane prices in the province are down nearly 60 cents per litre from record levels in January 2014, while natural gas and distribution prices charged by Enbridge are 18 per cent cheaper than they were last January.
Enbridge has applied for a rate increase, but left the request too late to take effect this winter. The application needs to be approved by the Energy and Utilities Board and a hearing isn't scheduled until April, with a final decision unlikely until next summer.
Vanderlaan says he had been pondering whether to install a heat pump to cut costs, but now is uncertain.
