January 3, 2003
(Government Services and Lands)
The following is being distributed at the request of the Petroleum Products Pricing Commission:
Commission makes additional fuel price change
The Petroleum Products Pricing Commission (PPPC) will make a fuel price change outside its regular period of regulation.
Ordinarily the next round of price regulation for petroleum products in Newfoundland and Labrador would occur January 15, but PPPC commissioner George Saunders said extraordinary circumstances have warranted a second fuel-price adjustment for January.
Effective January 3, 2003, the maximum price of regular unleaded gasoline will increase by 5.8 cents per litre (cpl), and diesel will see an upward adjustment of 4.6 cpl. Home heating fuel prices will rise by 4.53 cpl.
These figures are based on an analysis of market conditions from December 12-27, and will remain in effect until January 15, when the PPPC will release its regular monthly maximum fuel prices.
Mr. Saunders said the commission has been closely monitoring the recent dramatic spike in fuel prices resulting from world events over the past couple of weeks, and is committed to safeguarding Newfoundland and Labrador�s fuel supply.
"We are facing a peculiar situation whereby the spike in prices has been so dramatic that it could impact resellers� ability to supply fuel in this province," noted Mr. Saunders. "Provisions in our regulations give the commission the authority to periodically adjust fuel prices when circumstances are warranted, and we are making this interim fuel-price adjustment to protect markets in Newfoundland and Labrador."
Should fuel prices experience an equally dramatic drop in future, the commissioner noted the PPPC is prepared to decrease prices accordingly.
2003 01 03 9:10 a.m.