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!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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