As predicted last week, there will be another increase in pricing for this Thursday.

Middle East and Libya Continue to play a role on the numbers

Media release

Conception Bay South, NL, March 07, 2011- After this weeks market activity, the numbers are there to show another round of increases is on the way for Newfoundland and Labrador consumers. That's according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

"Numbers were all high again for the last week, but they also showed some sign of retreat with refined commodity prices," said Murphy."The last business day of this session was showing down from my weekly average, and that, I hope, is a sign of possible retreat for next week. All that might change however, with trouble brewing in Saudi Arabia and Iran."

"I expect heating and stove oils to increase by 2.58 cents, diesel to increase by 3.1 cents a litre, and gasoline to increase by 3.2 cents a litre.

Day of rage

"All now depends on the round of protests in Saudi Arabia, labeled by various groups as the "Day of Rage" in the country. Those protests have been planned for both March 11th and again on March 20th. If those protests fail in disrupting oil output or fail to cause any kind of a supply disruption, then we should see some sort of a retreat in prices that should happen quickly. If they do succeed, then the floodgates will be open to more increases in prices of petroleum product to consumers.

"It's not about money anymore to some of the protest groups in the Middle East or North Africa. People are demanding real reforms to happen. Barring that, they have been thwarted in attempts at political reforms, some groups getting small investments in job creation and housing in Saudi Arabia for example, and they have turned towards revolutionary stands against their old time leadership. Whatever political stripe the various groups represented before has been put on the back-burner. They have united under the one cause of making real change in their countries. It is all very interesting to watch."

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For more information, contact;

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