Meet One Man Who Is Not Happy About Low Gas Prices
DARTMOUTH – Colby Boudreau rarely sees a customer drive into his Dartmouth gas station and repair shop lately, despite some historically low gas prices. With regular gasoline going for less than 80 cents per litre between March 17-19, people would normally be lined up to take advantage. But these are not normal times.
“To be honest with you, most people are doing the quarantine thing and the streets are dead. We’re only getting one or two people a day,” said Boudreau.
For Boudreau, the independent owner of Coast Gas, it’s just as well that there are few customers. When he purchased the fuel wholesale, it cost him $1.06 per litre, but then the gas prices throughout March went into steep and steady decline worldwide. For the past few days, Boudreau was selling gas at a loss of more than 25 cents per litre.
“There’s nothing really I can do about it, so I just let it run day by day,” said Boudreau.
“I’ve been losing all week; the customers are happy, everybody’s happy except me. But you take the good with the bad. I’ll just do my best to help my customers and see if I can stay alive… I’ll treat everybody the best I can until I have to close the doors.”
On March 6, the minimum retail price on regular gas in the HRM was 105.9 cents a lite, as mandated by the Nova Scotia Utility and Review Board. From there it went to 95.3, then 89.1, and down to 79.4 on March 17. On March 20, it went down even further to 71.6 cents a litre.
By the time he is finished selling his current supply or gasoline, he estimates a loss of $5,000 overall.
“It’s just horrendous. I try not to [complain] to too many people about it, because you take the good with the bad.”
“It is what it is. I can’t even describe it – it’s just horrible.”
Boudreau has three employees between his gas station and repair shop, and he is trying to keep them employed. But right now, like many other businesses, Coast gas has little cash flow.
“We have zero income right now,” said Boudreau There’s nobody coming, except people for fuel- which is costing me money to sell. But I told all my guys, if they want to come to work, I’ll pay you.”
“I’ll pay them until I got no money, and if this goes on long enough, I’ll have to shut the doors.”
Boudreau didn’t shut off the pumps when gas prices first plummeted because he felt a sense of duty towards his regular customers, many of whom are older and rely on Coast Gas for their furnace oil.
“90 per cent of our customers are senior citizens or elderly, or people that can’t get out and move so well… and we are one of the few places that sell furnace oil at the pump,” said Boudreau.
“People who can’t afford to buy (furnace oil) out of the truck, they rely on us to keep their houses warm.”
Despite the financial loss, Boudreau, surprisingly, doesn’t think the system for setting gas prices needs to change in Nova Scotia.
“Not really, I think for the most part it’s fine,” he said. “There’s no need for the gas prices to be as high as they were anyhow. I wish they gas prices would come down and just stay down.”