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July 22, 2010

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

Weekly Adjustment of Maximum Prices of Regulated Petroleum Products

Effective 12:01 a.m. Thursday, July 22, 2010, the Public Utilities Board will set maximum prices for all regulated petroleum products in all areas of the province.

Maximum fuel prices changed as follows:

  • all types of gasoline motor fuel increased by 0.4 or 0.5 cents per litre (cpl);
  • island diesel motor fuel increased by 0.8 or 0.9 cpl;
  • Labrador diesel motor fuel increased by 0.7 or 0.8 cpl;
  • furnace oil and stove oil heating fuel increased by 0.63 cpl; and,
  • propane heating fuel decreased by 0.4 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 0.39 cpl, resulting in a 0.4 cpl increase, 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, July 29, 2010.

    - 30 -

    1. Automotive Fuels - Maximum Retail Pump Prices - Effective July 22, 2010.
    2. Heating Fuels - Maximum Tank Wagon (or**Tank Farm) Prices - Effective July 22, 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 22                                                      11:40 a.m.
     


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