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Gas and Oil

Gas and Oil

Posted: 23 Feb 2010 06:32 PM PST

Update #3
Numbers are up on all fronts
Consumers will see an increase in prices this Thursday morning

Media release

Conception Bay South, NL, February 23, 2010- Consumers in Newfoundland and Labrador will see an increase in most fuel prices this week when the Public Utilities Board moves to adjust prices. That's according to George Murphy, group researcher for the Consumer Group for Fair Gas Prices.

"The numbers are substantial in light of what we have seen lately. I expect heating and stove oils to increase by 2.73 cents per litre, diesel to increase by 3.3 cents and gasoline to rise by 3.8 cents per litre this coming Thursday," Murphy said.

"Even though there has been some slight inventory building, I have seen investors put their money into refined commodities against the dropping US dollar. With crude oil hitting over $80 US a barrel earlier this week, the writing was on the wall in the form of higher crude acquisition costs as well. Today however, there was a bad economic report out of the US that showed consumer confidence taking a dip. Hopefully, this will instill a hold position in the markets as that dip in confidence will also reflect on any anticipated increase in consumer demand. This latest increase may be just a hiccup and, if confidence in economic recovery shows itself elsewhere, we could be looking at a decrease in prices again soon."

-30-

For more information, contact;

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

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