September 27, 2001
(Government Services and Lands)


The following is being distributed at the request of Petroleum Products Pricing Commission:

Commissioner announces date base price for petroleum products will come into effect

The Petroleum Products Pricing Commissioner, George Saunders, announced today that as of October 15, a base price will be set governing wholesale and retail prices for the sale of gasoline and diesel fuel products in Newfoundland and Labrador. 

The province will be divided into pricing zones for purposes of regulation. The factors impacting on such zonal structures are primarily related to transportation costs, storage, and volumes of sales. "The Petroleum Products Pricing Commission will only set a maximum price for wholesale and retail petroleum products. The maximum prices in effect on May 30 of this year will remain in effect until the new base prices are set on October 15," said Saunders.

The Petroleum Products Pricing Commission is responsible for the setting of regulated prices for gasoline, diesel fuel, propane, and home heating fuel. The commissioner expects to set a base price for home heating fuel before the winter heating season is upon the province. 

The commissioner will be undertaking public consultations to provide all stakeholders with an opportunity to provide input on the regulation of petroleum products in the province. "I hope to be in a position to proceed with public consultations during the winter months. The consultations will allow the people of the province to make comments on the process of regulating prices as well as the price zones. The locations of these consultations will be announced at a later date," said Saunders.

Saunders added he is very impressed with the information he has been receiving as he visits the various retailers and companies throughout the province. "I am continuing my visits to retailers and petroleum companies throughout the province. These sessions have been very informative. I am very appreciative of the excellent advice and cooperation provided from both the oil companies and the retailers during these visits, as well as the input from the Consumer Group for Fair Gas Prices."

Media contact: George Saunders, (709) 489-8877.

2001 09 27                                       9:35 a.m.

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