Public Utilities Board�s Petroleum Pricing Office (PPO) - All Maximum Fuel Prices See Further Declines

Government Services
February 14, 2008
The following is being distributed at the request of the Public Utilities Board�s Petroleum Pricing Office (PPO):

All Maximum Fuel Prices See Further Declines

Maximum fuel prices in Newfoundland and Labrador (NL) again experienced declines when new prices were set by the Public Utilities Board, through its Petroleum Pricing Office, effective 12:01 a.m. Thursday, February 14, except in areas under a price freeze.

Market-pricing movements between January 30 and February 12, 2008 resulted in the following decreases:

All types of gasoline by 1.2/1.3 cents per litre (cpl) � depending on the HST rounding impact in a particular pricing zone;

Ultra low sulphur diesel by 0.2/0.3 cpl;

No. 2 blend furnace oil by 1.12 cpl and stove oil by 1.08 cpl; and,

Residential propane used for home heating purposes by 1.7 cpl.

Following on from the last pricing adjustment on January 31, 2008, maximum fuel prices in NL continue to decline. Commodity market prices for some refined fuels have receded in the wake of improving inventories and, in addition, prospects that a U.S. recession may be slowing the demand for gasoline.

Commodity markets remain extremely fragile, however, with fluctuations up and down occurring within the two week data period between price adjustments. Factors which are causing concern regarding upward pressure on future prices include infrastructure problems, such as the closure of the Houston Ship Channel (serving the largest U.S. petroleum port) for several days, power failures at two major U.S. refineries and threats from Venezuela, a major U.S. source for fuel, to cut off sales to the U.S.

More information regarding fuel-pricing regulation is available on the board�s website at: www.pub.nl.ca. The public is invited to view the newest additions to "Questions and Answers."

-30-

1. Automotive Fuels - Maximum Retail Pump Prices � Effective February 14, 2008
2. Heating Fuels - Maximum Tank Wagon (or ** Tank Farm) Prices - Effective February 14, 2008
3. Heating Fuels -Residential Propane - Maximum Tank Wagon Prices - Effective February 14, 2008

Media contact:
Michelle Hicks, Communications.
1-866-489-8800, 709-489-8837
E-mail: mhicks@pub.nl.ca

2008 02 14 9:50 a.m.

All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server.
Disclaimer/Copyright/Privacy Statement