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Thursday, August 04, 2011

Consumer advisory

Hi to all…

Just letting everyone know that I am tracking the latest round of market trading in oil prices and refined commodities.

There is enough here now to give an advisory to consumers in Newfoundland and Labrador to go sparingly on any purchases of fuels as I am tracking a substantial drop in prices that is in the works for Thursday coming.

Fears of a US economic slowdown and some building of fuel inventories are playing havoc with oil prices worldwide to the point that consumers could see anywhere between five and eight cents a litre down on gasoline prices, especially if oil prices continue their downwards trend this week.

Summarily, the distillates are also starting their way down with heating and stove oils showing 2.2 cents down and diesel down by an even three cents so far. I expect prices to show a downwards trend continuing through to next week when prices are adjusted for Thursday.

Nova Scotia consumers will catch their break at nidnight tonight with the new price setting.

Unregulated markets in the rest of Canada should expect to see prices dip at midnight by close on 4.5 cents a litre again tonight.

By the way. You can catch me on Twitter now @GeorgeMurphyNDP will get you there!

Regards for now,

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

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