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July 15, 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
Zone 14 maximum price suspension lifted

Effective 12:01 a.m. Thursday, July 15, 2010, the Public Utilities Board set maximum prices for all regulated petroleum products in all areas of the province.

With the exception of Zone 14 (Coastal Labrador North) as noted below, maximum fuel prices changed as follows:

  • all types of gasoline motor fuel increased by 1.5 cents per litre (cpl);
  • island diesel motor fuel increased by 1.8 or 1.9 cpl;
  • Labrador diesel motor fuel increased by 1.4 or 1.5 cpl;
  • furnace oil and stove oil heating fuel increased by 1.47 cpl; and,
  • propane heating fuel decreased by 0.3 cpl.

For Zone 14, the suspension of maximum prices will be lifted at this time; therefore, maximum fuel prices changed as follows:

  • all types of gasoline motor fuel decreased by 2.8 cpl;
  • diesel motor fuel increased by 0.1 cpl;
  • stove oil heating fuel decreased by 1.13 cpl; and,

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 1.32 cpl, resulting in a 1.5 cpl increase, accounting for taxation and rounding. The commodity market movements for the period were offset 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, July 22, 2010.

- 30 -

1. Automotive Fuels – Maximum Retail Pump Prices – Effective July 15, 2010
2. Heating Fuels – Maximum Tank Wagon (or ** Tank Farm) Prices – Effective July 15, 2010

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


2010 07 15                                                    10:45 a.m.


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