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Tuesday, July 23, 2013

Prices for Thursday, July 25, 2013



Small break at the gas pump
Distillates still continue upwards

Media release

St. John’s, NL, July 23, 2013- “It’s almost too lousy of a decrease to talk about, all that considering the root that consumers received from market investors last week, But if you use gasoline, you might even welcome the drop in price, even if it is just a penny. For distillate users of heating oil and diesel fuel, the news is a little different.” That word from George Murphy, Member of the House of Assembly and group researcher for the Consumer Group for Fair Gas Prices.

“While most commodity prices remained relatively steady this past week, the Canadian dollar gained a little ground against the US greenback in trading, picking up a little over a cent. That resulted in a small drop in gas prices, but wasn’t enough to turn away the prospects of another increase to heating, stove oils and diesel fuel prices. It’s beginning to be painful to watch heating oil prices rise, not to mention the spectre of rising diesel fuel that can burn consumers in higher transportation costs which will result in higher prices for food.”

“Most seniors in this province just received increases to their seniors benefits ranging a massive $2 increase to their cheques. That’s not enough for a litre of milk, let alone look after the rising cost of heat this winter, if prices don’t retreat-and retreat fast. How are they going to look after themselves? This trend is spelling trouble.”

The numbers

Here’s what I have for this week’s price changes:
·         Heating and stove oils to increase by another 1.17 cents per litre.
·         Diesel fuel to increase by 1.7 cents per litre.
·         Regular gasoline to drop by 1 cent, and…
·         Reformulated gasoline shows just a half penny down.

Incidentally, the record high for heating oil prices was reached in July of 2008 when heating oil prices briefly hit $1.23 a litre before collapsing before heating season began. Crude oil hit $147 US a barrel that same week, part of the reason for the massive hit to heating oil prices.

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For more information, contact;

George Murphy
Researcher
Consumer Group for Fair Gas Prices
Twitter: @GeorgeMurphyMHA

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