The following is being distributed at the request of the Board of Commissioners of Public Utilities:

Maximum Fuel Prices Adjusted:
Implementation of Blend Schedule, and Suspension of
Maximum Price Adjustments for Zones 11a and 14 in Labrador

Effective 12:01 a.m. Thursday, November 4, 2010, in accordance with the Public Utilities Board's weekly pricing adjustment, maximum fuel prices in Newfoundland and Labrador changed as follows:

• All types of gasoline increased by 1.0 or 1.1 cents per litre (cpl);
• Island diesel motor fuel increased by 2.5 or 2.6 cpl;
• Labrador diesel motor fuel decreased by 0.5 or 0.6 cpl;
• Furnace oil heating fuel increased by 0.55 cpl;
• Stove oil heating fuel decreased by 0.13 cpl; and,
• Propane heating fuel increased by 0.9 cpl.

These maximum prices reflect the change in the average benchmark price of the products since the last pricing period. 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 seven-day period by 0.95 cpl, resulting in a 1.1 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 costly to purchase these products.

These maximum price adjustments also reflect the following seasonal changes:

• Implementation of a blend for furnace oil heating fuel on the island of 75 per cent jet fuel with 25 per cent No. 2 oil.
• Implementation of a blend for diesel motor fuel on the island of 75 per cent ultra low sulphur kerosene (ULS Kero) with 25 per cent ultra low sulphur diesel (ULSD).
• Suspension of maximum price adjustments for Zones 11a (Coastal Labrador South — Tanker Supplied) and 14 (Coastal Labrador North) in Labrador for the winter months.

The next scheduled price change will occur Thursday, November 11, 2010.

- 30 -

1. Automotive Fuels — Maximum Retail Pump Prices — Effective November 4, 2010
2. Heating Fuels — Maximum Tank Wagon (or ** Tank Farm) Prices — Effective November 4, 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 11 04                                                   10:05 a.m.