09/21/2011 01:16 EDT | Updated 11/21/2011 05:12 EST

New Brunswick says no to setting minimum retail price for gasoline

FREDERICTON - New Brunswick's energy minister says new competition is benefiting motorists in Fredericton and he has no intention of regulating a minimum price for gasoline.

Craig Leonard says the current regulation of maximum gas prices is effective and fair, and New Brunswick has some of the lowest pump prices in the region.

There has been a bit of a price war in the capital city over the last few weeks since the opening of a new big box store that also has gas pumps.

Gas prices in Fredericton are as low as 116.9 cents per litre, or about 13 cents lower than the maximum per-litre price set by the Energy and Utilities Board.

Leonard says while you can't predict the future, he expects prices will somewhat balance out.

Neighbouring Nova Scotia does set a minimum price as part of its regulation system.