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March 11, 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, March 11, 2010, 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 increased by 1.2 or 1.3 cents per litre (cpl) – depending on the HST rounding impact;

  • Diesel motor fuel increased by 0.2 or 0.3 cpl – also depending on HST rounding;

  • Furnace oil heating fuel increased by 0.47 cpl;

  • Stove oil heating fuel increased by 0.30 cpl; and,

  • Propane heating fuel decreased by 1.6 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, increased over the period by 1.07 cpl, resulting in a 1.2 cpl increase, accounting for taxation and rounding. The commodity market movements for the period were affected to some extent by a higher Canadian dollar. Since fuel on the commodity markets is priced in U.S. currency, a higher Canadian dollar means it is not as expensive to purchase these products.

The next scheduled price change is Thursday, March 18, 2010.

- 30 -

1. Automotive Fuels – Maximum Retail Pump Prices – Effective March 11, 2010
2. Heating Fuels – Maximum Tank Wagon (or ** Tank Farm) Prices – Effective March 11, 2010

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

2010 03 11                 10:55 a.m.


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