NLIS 3
September 8, 2005
(Government Services)
The following is being distributed at the request
of the Public Utilities Board�s Petroleum Pricing Office (PPO):
Gasoline prices decreased
Effective 12:01 a.m. Thursday, September 8, 2005,
the Public Utilities Board�s Petroleum Pricing Office (PPO) will decrease the
maximum price of gasoline by 15.9 cents per litre (cpl) in Newfoundland and
Labrador (NL).
There will be no change at this time in the maximum price for other products.
Market prices rose over the past two weeks to record levels in the face of the
devastation caused by Hurricane Katrina in the Gulf of Mexico, where oil
production was reduced by power outages and concerns of fuel supply shortages
led to extraordinary circumstances in the petroleum markets that elevated fuel
prices. The situation also had the potential to impact consumers in this
province in the form of critical supply shortages. Now that refineries in the
Gulf are gradually coming back on-stream and concerns over fuel supply have
started to ease, prices on the commodities exchange have moved downward.
�Prices are continuing to fluctuate in an extraordinary manner and while prices
on world markets are currently receding, the situation remains far from
settled,� said David Toms, PPO director (acting). �We will be following the
matter closely as it unfolds to see how production and refining capacity, in
particular in the Gulf, is restored and what impact this will have on the
pricing of refined petroleum products in the coming months.�
The board will continue to monitor these extraordinary events on a daily basis
to ensure a ready supply of fuels to consumers of Newfoundland and Labrador at
appropriate prices in accordance with its regulatory obligations.
1. Automotive Fuels � Maximum Retail Pump Prices � Effective September 8, 2005
Media contact: Michelle Hicks, Communications, 1-866-489-8800 or (709) 489-8837
2005 09 08
9:50 a.m. |