You may have noticed the price of fuel down in the Drumheller Valley over the past couple of days.
A few of the stations are as low as 157.9 as of Thursday morning (September 3rd). The price drop has happened all across the province with some stations in the Edmonton area as low as 121.9.
Some good news for those that fill up the vehicle as the Federal Government has announced that they will extend the suspension of federal fuel excise taxes until the new year to help Canadians feeling the pressure from higher energy costs caused by instability in the Middle East.
The fuel excise tax will remain suspended in full until January 2027. It will be phased back in over three months, Finance Minister Francois-Philippe Champagne said, beginning at 50 per cent of the regular rate in February and March, before returning to normal in April 2027.
The Liberals temporarily suspended the federal 10-cent-per-litre excise tax on April 14 after the U.S. war on Iran caused global fuel prices to spike. The pause was initially set to last until Labour Day.
If the fuel tax was reinstated on Labour Day, as originally planned, it would essentially cost an additional 5 dollars to the cost of filling a 50 litre tank.
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