Early Christmas present?
Numbers still showing possible interruption

Media release

Conception Bay South, NL, December 23, 2008- Consumers in Newfoundland and Labrador may still find that some petroleum product prices dropped overnight this Wednesday, that’s if the numbers show anything.

“Last week we expressed the possibility that some petroleum prices may come down as early as Christmas morning. Some figures are still showing that possibility although, the numbers are real close. Heating and stove oils are showing 3.4 cents down but that number doesn’t reflect the performance of the jet fuel component which is an integral part of the heating oil mix. If those numbers are showing greater movement that those we have, then we are into interrupter formula territory. The problem? We can’t get a read on the jet fuel number which makes up 75 per cent of the heating oil mix. Consumers should take a wait and see approach if they can do it as, if nothing happens this week, we will definitely see downwards moves for next week on heating and stove oils,” said George Murphy of the consumer group.

“As for diesel fuels, those numbers are showing 4.6 cents a litre down, albeit, close to my margin for error. Again, if you are a diesel fuel user, try and hold off until after Wednesday in case there is movement. There is a definite move downwards for this fuel for next week, if interruption does not occur Thursday. Gasoline is showing 3.4 cents a litre down which is slightly outside the requirements for interruption. Again, if pricing here does not change, then consumers can expect a bigger decrease next week instead.

“On a consumer perspective, bad economic news, dropping demand and good builds in inventories of most petroleum products are good reasons that we will see a continuance of the slide in refined commodities. For now, one can hope that Santa Claus will be coming early again.”

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For more information, contact;

George Murphy
Consumer Group for Fair Gas Prices

***NOTE: This one may be delivered to your in-box late as a result of my late posting. I had to work so, it wasn't possible to get the notice out in time for all. Sorry for any inconvenience this may have caused.