Government Services
December 18, 2008

The following is being distributed at the request of the Public Utilities Board�s Petroleum Pricing Office (PPO):

Maximum Gasoline, Propane Prices Increase; Distillates Down Again

Effective 12:01 a.m., Thursday, December 18, 2008, the Public Utilities Board set maximum fuel prices, as per its scheduled biweekly adjustment, except in areas currently under a price freeze.

Maximum prices moved as follows:

  • All types of gasoline increased 3.0 or 3.1 cents per litre (cpl) � depending on the HST rounding impact;

  • Ultra low sulphur diesel decreased 1.6 or 1.7 cpl � also depending on HST rounding;

  • No. 2 blend furnace oil were lowered 1.67 cpl;

  • Stove oil declined by 1.14 cpl; and,

  • Residential propane increased by 2.0 cpl.

  • This marks the first time in 11 weeks that the maximum price of gasoline will see an increase due to a recent rebound in the markets for this product. One of the reasons for this rebound was speculation that OPEC (Organization of Petroleum Exporting Countries) would make a large cut to its output to stabilize market prices. The record two million barrel a day cut was announced Wednesday. Local heating fuel prices remain at year-ago lows, as North America moves into the colder winter months.

    - 30 -

    1. Automotive Fuels � Maximum Retail Pump Prices � Effective December 18, 2008
    2. Heating Fuels � Maximum Tank Wagon (or ** Tank Farm) Prices � Effective December 18, 2008
    3. Heating Fuels �Residential Propane � Maximum Tank Wagon Prices � Effective December 18, 2008

    Media contact:

    Michelle Hicks
    Communications
    1-866-489-8800, 709-489-8837
    Email: mhicks@pub.nl.ca , or visit the Board�s website: www.pub.nl.ca

    2008 12 18                                                     9:30 a.m.


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