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

Weekly Adjustment of Maximum Prices of Regulated Petroleum Products

Effective 12:01 a.m. Thursday, October 6, 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 increased by 0.9 or 1.0 cents per litre (cpl);
• Island diesel motor fuel increased by 2.5 or 2.6 cpl;
• Labrador diesel motor fuel decreased by 0.1 cpl;
• Furnace oil heating oil increased by 1.45 cpl;
• Stove oil heating fuel decreased by 0.30 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, increased over the period by 0.8 cpl, resulting in a 0.9 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 expensive 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, and,
• 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).

The next scheduled price change is Thursday, October 13.

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1. Automotive Fuels – Maximum Retail Pump Prices – Effective October 6, 2011
2. Heating Fuels – Maximum Tank Wagon (or ** Tank Farm) Prices – Effective October 6, 2011

Media contact:
Michelle Hicks
Communications
1-866-489-8800, 489-8837
Email: mhicks@pub.nl.ca  or visit the board’s website: www.pub.nl.ca. 

2011 10 06                                10:15 a.m.