Government Services
January 22, 2009

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

Maximum Gasoline Prices Increase

The Public Utilities Board�s interruption formula criteria were met for all types of gasoline, and the maximum price increased 5.6 or 5.7 cents per litre (cpl) � depending on the HST rounding impact � effective 12:01 a.m., Thursday, January 22, 2009, except in areas currently under a maximum price freeze.

There was no change to the maximum prices of ultra low sulphur diesel, No. 2 blend furnace oil, stove oil or residential propane used for home heating purposes, as the interruption formula criteria were not met.

Despite the lower demand and surplus supply, NYMEX (New York Mercantile Exchange) gasoline experienced a resurgence that was attributed to refinery maintenance and a reduction in imports from Europe, both of which are impacting current inventories. During this pricing period, the Canadian dollar fell a little more than four per cent from the previous week. Because fuel on the commodity markets is priced in U.S. currency, a lower Canadian dollar means it is more costly to purchase these products.

The next scheduled price change will occur Thursday, January 29, 2009.

- 30 �

1. Automotive Fuels � Maximum Retail Pump Prices � Effective January 22, 2009

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

2009 01 15                                                   10:00 a.m.
 


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