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

The Petroleum Products Pricing Commission has reserved advertising space in all provincial and community newspapers for next week, beginning on Monday, October 15. The space is required for publication of a table listing the first fully-researched, regulated base price of gasoline, diesel and propane fuel prices in the province for all 14 zones determined by the commission. Prices for both full serve and self serve of all brands will be listed for each zone and sub-zone. A description of the boundaries of each zone was released on Wednesday, October 10. 

Because the prices set for regulation effective October 15 are the base prices, it is necessary for all stakeholders to have the complete information. Therefore, it will require at least three days for all newspapers in the province to publish the table of regulated prices, as many community newspapers are only published once a week. Radio and television stations will be provided the pricing information for release on Monday morning. 

Thus, in the first week, the commission will be sensitive to situations involving retailers whose prices are not adjusted immediately on Monday. The commission is aware that all newspapers will be available to the public of the province by Wednesday of next week, so people will have the newly regulated prices available to them by October 17 at the latest.

The commission advises that the regulated prices effective on Monday are the maximum prices permitted to be charged in the province for the next month. Wholesalers and retailers are advised that they may offer their products for sale at prices below the maximums established by regulation at both the wholesale and retail levels, but legally are not permitted to exceed the maximum levels established. 

This base price table represents the results of exhaustive research, based on many sources and consultations, as well as telephone surveys, personal visits by commission staff to over 350 retailers around the province, and many meetings with company officials, as well as consumer groups and government officials. It is believed that this pricing is fully transparent and represents the fairest possible maximum pricing of these products to all stakeholders in Newfoundland and Labrador.

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

2001 10 12                               10:00 a.m.