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Tuesday, May 31, 2016

Price changes for Thursday, June 2nd, 2016

Hi to all,

Here’s what I have for this week’s price changes:

*Heating and stove oils show a drop of just 1/10th of a cent a litre.

*Diesel fuel shows an increase of 5.2 cents a litre, inclusive of the new government road tax, and...

*Gasoline shows an increase of 20.9 cents a litre, inclusive of the new government road tax increase.

Market news

OPEC meets June 2nd in Vienna

*OPEC will hold its next meeting later this week in Vienna to discuss further possible measures to help support oil prices. Saudi Arabia hopes to arrange a hold in production to help support prices, but the possible measure is not coming to fruition with OPEC members Iraq and Iran, who have increased production to capture more market share.

     Speculators and analysts are out there thinking that nothing of consequence will come from the meeting as OPEC has a history of it’s own members cheating on self-imposed quotas.

Budget a done deal

*Here in Newfoundland and Labrador, the provincial budget passed and the notion of higher taxes on most transportation fuels ahead of the increase in HST in July is now reality. The budget passed earlier this afternoon by a 26-10 margin.

   Bill #20 dealing with allowing that increase to the gas tax was passed in the House of Assembly just last week.

That’s it for this week!


George Murphy

Twitter @GeorgeMurphyOil

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