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Tuesday, October 03, 2017

Price changes for thursday, October 5th, 2017

Hi to all,

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

*Heating, stove oil and Diesel fuel all show a drop of 3/10ths of a cent a litre.

*Gasoline shows a drop of 2.5 cents a litre.

Consumers to get another break at the pumps

“Consumers in Newfoundland and Labrador, New Brunswick and Nova Scotia can expect to see a break at the pumps again this week when their various regulatory authorities adjust prices”. That’s according to George Murphy of the Consumer Group for Fair Gas Prices.

Newfoundland and Labrador, as well as New Brunswick both set their prices as of Wednesday at midnight, while Nova Scotia adjusts prices Thursday midnight.

“In the wake of Harvey, we’re starting to see refiner capacity climb while gasoline inventories also rise. Gasoline inventories increased last week with refinery capacity still below what it was “pre-Harvey”, Murphy said. “With capacity still not back to those levels, it is reasonable to assume that the markets will be looking at two important factors in the equation, the first being no panic buying ahead of the storms which immediately takes pressure off gasoline, and two, the fact that we’re looking at gasoline being produced in excess while capacity is low. Almost seven per cent lower than before Harvey landed.

“I’ll be watching tomorrow’s inventory data to see if the trend looks to be continuing falling prices as refiners are also into the switch from refining gasoline to the refinement of distillates and winter gasoline blends as the weather cools. Gasoline shows a strong sign of weakening demand here, so hopefully, prices will drop further in the favour of the consumer”.


For more information, contact;

George Murphy
Twitter @GeorgeMurphyOil

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