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Tuesday, May 01, 2012

Gasoline numbers down slightly

Conception Bay South, NL, May 1, 2012- Numbers are down for gasoline again this week, but not by much. Consumers in Newfoundland and Labrador will find out the exact figures when the Public Utilities Board adjusts numbers this coming Thursday morning.

"Gasoline numbers are down, but just by a cent a litre," Murphy said, adding that there's still some instability in the markets from the past week's activity."Even though oil is up, there's a reluctance in the gas numbers that still is keeping away traders for the time-being. Even though inventories are showing draws against available inventories, production in the US northeast still has not returned fully. Therefore, when that refiner capacity returns to the northeast US markets, there is, I believe, some fear amongst traders that gasoline inventories will actually start to show close to a neutral position,or show slight increases, indicative of slowing consumer demand during the run-up to the summer driving season. Hopefully, this will be a good sign of what consumers can expect for the summer as we get closer to the summer pricing prediction that should come in by the Victoria Day holiday."

Heating and stove oils show a modest 67/100ths of a cent increase, while diesel fuels are predicted to increase also by 1.1 cents a litre. "I still don't see a solid start downwards for numbers in the distillate fuels, and that concerns me. If we're going to see any kind of pricing relief from high heating and stove oil costs this coming winter, the numbers are going to have to start downwards sooner rather than later. The damage that high home energy costs are doing to family budgets the last few years must be incredible."

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For more information, contact;

George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
Twitter: @GeorgeMurphyNDP
 




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