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Gas and Oil

Gas and Oil

Posted: 26 Jan 2010 06:28 PM PST

Numbers are down
Consumers to see pricing relief this week

Media release

Conception Bay South, NL, January 26, 2010- Consumers in Newfoundland and Labrador will see some pricing relief this coming Thursday morning when the Public Utilities Board moves to adjust prices. That's from George Murphy, group researcher for the Consumer Group for Fair Gas Prices.

"We're all going to see some pricing relief, particularly to heating and stove oils. Numbers there show a 4.06 cent a litre drop in the important winter fuel. Diesel numbers show close on 4.5 cents a litre while gasoline shows a drop of 2.1 cents a litre on the way," said Murphy.

"In spite of a further drop in refiner capacity this last week, there was a very slight draw in oil inventory and that's a sign that demand has not picked up over that same timeframe. Gasoline also showed a marked increase in inventories last week, indicating the same thing. Investors then turned to the US dollar to invest in rather than the previous appeal of commodities and the start of the weeks sell-off was on.

"I'm not seeing a larger drop this week simply because the US dollar has gained ground against the Canuck Buck, gaining almost three cents in the past two weeks. Had the Canadian dollar held its ground, we would have been looking at more substantive numbers than what consumers will be seeing this Thursday. If the dollar had to hold, we'd be looking at a drop of an additional two cents on top of these numbers."

-30-

For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices

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