Consumers to take a hit

Numbers up across the board

Media release

Conception Bay South, NL, February 28, 2012- Consumers will see an increase at the pumps this week when the Public Utilities Board adjusts prices this Thursday morning. But, if the economic news today is any indication, elevated prices may just start on their way down. That news comes from George Murphy, group researcher with the Consumer Group for Fair Gas Prices.

“Numbers for refined commodities have been up substantially over the past week, but there is a sign today that we could start to see prices come down slightly,” Murphy said. “A drop in US durable goods sales today may be one of the first indicators of a solid slackening in consumer spending, while another report from the US is predicting an increase in crude oil supplies that would also be a strong sign of demand dropping”.

“ Consumers may be already sending a strong message.”

The numbers

“I have to caution that there is volatility in the numbers this week. Heating and stove oils are showing up by 2.23 cents a litre, while diesel fuel is up by close on 2.5 cents a litre. Gasoline shows an added 3.1 cents a litre this week.

However, with yesterday’s market trading, there was a sign of possible relief for next week, if market conditions hold or retreat from this week’s highs. The last day of data is pointing down by 2.6 cents a litre, but we still have a full week to go.”

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For more information, contact;

George Murphy

Group researcher

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyNDP