Numbers show prices increasing
Prices well ahead of last year
News release
St. John’s, NL, October 23, 2007 – Increases in heating, stove oils as well as gasoline are to be expected in the coming days but, although the numbers in the increases are small, they are hiding an underlying truth; That consumers are continuing to be hurt by increasing prices.
“For twelve days out of a possible fourteen days, heating and stove oils are showing an increase of 9/10ths of a cent while gasoline is showing an increase of 1.2 cents a litre,” that’s according to George Murphy, group researcher and member of the Consumer Group for Fair Gas Prices. “It’s not a huge increase but it still is indicative of the prediction last week that we’ve hit the low point in spots and that prices would be moving up to the consumer.
“The numbers for this year are well ahead of last year. Heating and stove oil spot prices are now 12 cents a litre higher for the same time period while gasoline spots are that same 12 cents higher. The basic cost of heating and stove oils would now be unaffordable for lower income earners if it weren’t for one fact; the performance of the Canadian dollar. Consumers would be paying upwards of another 11 cents a litre more than what they are seeing now if the dollar had to hold the same value as last year. Any slide in the dollar now could cost the consumer this winter.
“The international situation remains volatile. If Turkey invades the Kurdish territories in Northern Iraq, we could see a disruption in crude supply. A lot of that comes to the US eastern seaboard, Eastern Canada and Europe. While there might be an ample supply right now, the promise of violence in a chief export area of Turkey may possibly turn into a worldwide supply disruption and that means rising pricing of all petroleum products. We still caution the consumer to fill the heating oil tanks in case we run into the world situation in the coming days.
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For more information, contact;
George Murphy
Group researcher/Member
gasprices@hotmail.com
Prices well ahead of last year
News release
St. John’s, NL, October 23, 2007 – Increases in heating, stove oils as well as gasoline are to be expected in the coming days but, although the numbers in the increases are small, they are hiding an underlying truth; That consumers are continuing to be hurt by increasing prices.
“For twelve days out of a possible fourteen days, heating and stove oils are showing an increase of 9/10ths of a cent while gasoline is showing an increase of 1.2 cents a litre,” that’s according to George Murphy, group researcher and member of the Consumer Group for Fair Gas Prices. “It’s not a huge increase but it still is indicative of the prediction last week that we’ve hit the low point in spots and that prices would be moving up to the consumer.
“The numbers for this year are well ahead of last year. Heating and stove oil spot prices are now 12 cents a litre higher for the same time period while gasoline spots are that same 12 cents higher. The basic cost of heating and stove oils would now be unaffordable for lower income earners if it weren’t for one fact; the performance of the Canadian dollar. Consumers would be paying upwards of another 11 cents a litre more than what they are seeing now if the dollar had to hold the same value as last year. Any slide in the dollar now could cost the consumer this winter.
“The international situation remains volatile. If Turkey invades the Kurdish territories in Northern Iraq, we could see a disruption in crude supply. A lot of that comes to the US eastern seaboard, Eastern Canada and Europe. While there might be an ample supply right now, the promise of violence in a chief export area of Turkey may possibly turn into a worldwide supply disruption and that means rising pricing of all petroleum products. We still caution the consumer to fill the heating oil tanks in case we run into the world situation in the coming days.
-30-
For more information, contact;
George Murphy
Group researcher/Member
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