Markets rebound

Consumers to see slight increases to prices

Media release

Conception Bay South, NL, August 16, 2011- Consumers in Newfoundland and Labrador will experience a slight change to prices for petroleum products when the PUB adjusts prices this coming Thursday morning. That’s according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices

“There has been a slight rebound in the markets that has also led to an increase in refined commodity prices,” Murphy said. “with the price of oil increasing by four dollars a barrel again, we’re looking at the Canadian dollar experiencing some recovery. That has lessened the blow somewhat.”

“I expect heating and stove oils to increase by just 65/100ths of a cent, while diesel shows an added 7/10ths of a cent. Gasoline shows an added 2.7 cents to consumers for Thursday’s price change.”

“The markets are extremely nervous and there’s still a lot of instability that’s playing through. I don’t expect to see a skyrocket movement upwards in oil prices, unless there is more concrete evidence of economic recovery. The jitters in the markets certainly played through again today with data from Germany beginning to show evidence of an economic slowdown happening in the European Union super-power.

Tax off most heating begins in September

According to the finance minister today, the provincial tax off heat comes into effect for consumers of heating and stove oils, propane and wood beginning in September. The tax comes off electricity in October, and it’s all compliments of the 55,000 consumers in this province who asked for the removal of the tax off heat in a petition that was presented to the government of the day on March 28, 2001, and again through the efforts of Lorraine Michael of the New Democrats in the House of Assembly as well. The measure was taken up by the present administration after undue pressure from the people of the province to have it included in the budget of April, 2011.

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For more information, contact;

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyNDP