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Tuesday, May 24, 2016

Price increases across the board for Thursday

Hi to all,

Here are the final numbers for this week's projected fuel price changes:

*Heating and stove oils add 3.7 cents a litre....
*Diesel fuel is up 3.6 cents a litre, and
*Gasoline shows an increase of 2.7 cents a litre.


Market highlights

Increase to road taxes means a huge bump at the pumps

*Today in the House of Assembly, the government passed the motion allowing for an increase to the road tax collected on gasoline to be instituted June 2nd.
The increase, plus the applicable increase in the HST works out to an additional 20.9 cents a litre on the present price for gasoline.
With today's price change prediction in hand, the price at the pumps would go from $1.13.8 cents a litre to $1.34.8 cents a litre.

Demand still up ahead of US Memorial Day holiday
*As the US memorial Day holiday approaches in the US next week, gasoline prices on the New York Mercantile Exchange keeps rising, this week to hit $1.64 a US gallon. Anticipated demand through the summer is the chief cause of these increases, along with a rising US dollar against the Canadian dollar.
       The Canadian dollar has lost a rough two cents this past week against its US counterpart.

       I'll leave it at this for now. There's lot's of news out there, but Bill#20 seems to be the major story right now.

Regards,

George Murphy
Twitter @GeorgeMurphyMHA

1 comment:

nyi said...

Forget the gas tax for a moment. You said for May 12th pricing, gas would drop and one reason you gave was that the canadian dollar was down. Fast forward to this week. The price is going up almost 3 cents BUT.... (drum roll), the canadian dollar is down again. So, the canadian dollar dropping has an effect one week, and a different effect another week?

As for the gas tax. That's a big WOW! Talk about taking a regressive approach to turning the economy around.

There is nothing anyone can say other than stating the obvious. GOUGING!!!!!! The poor people of the province have to ensure such heightened price increases. It's crazy.

Guess I'll wait and see if you'll reply to this post.