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February 4, 2010

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

Weekly Adjustment of Maximum Prices of Regulated Petroleum Products

Effective 12:01 a.m. Thursday, February 4, the Public Utilities Board set maximum prices for all regulated petroleum products in all areas of the province, except where maximum price adjustments have been suspended for the winter months.

Maximum fuel prices changed as follows:

  • All types of gasoline motor fuel decreased by 1.1 or 1.2 cents per litre (cpl) – depending on the HST rounding impact;
  • Diesel motor fuel decreased by 0.4 or 0.5 cpl – also depending on HST rounding;
  • Furnace oil heating fuel decreased by 1.03 cpl;
  • Stove oil heating fuel decreased by 0.7 cpl; and,
  • Propane heating fuel increased by 1.0 cpl.

These maximum prices reflect the change in the average benchmark price of the products over the seven-day period ending Tuesday of this week. As an example, the average benchmark price for gasoline, as tracked on the New York Mercantile Exchange (NYMEX) and converted to Canadian dollars, decreased over the period by 1.05 cpl, resulting in a 1.2 cpl decrease, accounting for taxation and rounding. The commodity market movements for the period were affected to some extent by a lower Canadian dollar. Since 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 is Thursday, February. 11, 2010.

- 30 -

1. Automotive Fuels – Maximum Retail Pump Prices – Effective February 4, 2010
2. Heating Fuels – Maximum Tank Wagon (or ** Tank Farm) Prices – Effective February 4, 2010.

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

2010 02 04                                                   10:35 a.m.
 


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