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

Weekly Adjustment of Maximum Prices of Regulated Petroleum Products

Effective 12:01 a.m. Thursday, August 11, 2011, the Public Utilities Board set maximum prices for all regulated petroleum products in all areas of the province.

The changes to maximum fuel prices are as follows:

• all types of gasoline motor fuel decreased by 5.4 or 5.5 cents per litre (cpl);
• island diesel motor fuel decreased by 3.5 cpl;
• Labrador diesel motor fuel decreased by 2.7 or 2.8 cpl;
• furnace oil and stove oil heating fuel decreased by 2.73 cpl; and,
• propane heating fuel did not change.

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 4.81 cpl, resulting in a 5.4 cpl decrease, accounting for taxation and rounding. The commodity market movements for the period were offset 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 expensive to purchase these products.

The next scheduled price change is Thursday, August 18, 2011.

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Media contact:
David Hillier
Research Officer
1-866-489-8800, 489-8836
dhillier@pub.nl.ca or visit the board’s website: www.pub.nl.ca 

1. Automotive Fuels - Maximum Retail Pump Prices - Effective August 11, 2011.
2. Heating Fuels - Maximum Tank Wagon (or **Tank Farm) Prices - Effective August 11, 2011.

2011 08 11             10:30 a.m.