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Tuesday, June 22, 2010

Numbers are up.
So will prices this Thursday

Media release

Conception Bay South, NL, June 22, 2010- Consumers can expect to see some upwards adjustments to fuel prices this coming Thursday when the PUB moves to make the next pricing adjustment. That’s according to George Murphy of the Consumer Group for Fair Gas Prices.

“A three dollar movement upwards in the price of crude oil along with related, refined commodities has resulted in the numbers I have for this week. I expect heating and stove oils to increase by 2.46 cents per litre, diesel to increase by 2.4 cents per litre and gasoline to increase by 2.0 cents per litre,” said Murphy.

“This past week of market activity saw investors turn back to the Euro somewhat and that resulted in an increase in crude oil prices. An investment in the Euro by investor was seen as a sign that there’s ma turn-around in the fortunes of the markets, even though I still haven’t seen a clear indication that the austerity programming by some of the troubled Euro nations is working. It will be a while before we see that. To add to that, there was some comment about the debt-load carried by the United States that saw some investors withdraw from that currency.

“Even tough crude oil showed an increase in inventory last week, there was a slight draw against overall gasoline stocks that got some investors thinking positive about consumer demand increasing. I still believe counter to what I’ve heard out there. I don’t believe that the US consumer is quite ready to spend with more unemployed reported for last week’s measurement and there’s still a lack of evidence out there that consumers have an increased faith in a recovering economy worldwide. There’s also still plenty of skepticism out there about the world fiscal reality that has yet to play into the markets. What we see here is not reflecting the reality of the world markets as they should be right now.”

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For more information, contact;

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

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