Here's what I have for Thursday price changes:
Heating oil to drop by 3.1 cents a litre*.
Stove oils to drop by the same 3.1 cents a litre.
Diesel to drop by 3.2 cents a litre*, and...
Gasoline to drop by 3.8 cents a litre.
*Note that both heating oil and Diesel fuel are subject to the winter blending now, so these numbers can just be used as a guide and not the actual that may occur!
Consumers to get another break at the pumps this week
"Consumers can expect to see another break at the pumps when the Public Utilities Board moves to adjust prices this Wednesday midnight", according to George Murphy, group researcher and co-founder of the Consumer Group for Fair Gas Prices. "Continued builds of gasoline inventory in spite of refinery outages due to winter maintenance have led to some good builds in inventories of gasoline. With the consumers of North America driving a little less than in summertime, it has started to reflect and impact prices substantially, and, this week too as predicted."
Final market numbers last week began to show that there was a substantial break for consumers about to hit, and I put the "warning" out of an impending drop in prices for this week that is coming to fruition. That prediction showed three cents across the board, and the final numbers were pretty close to that," Murphy said.
"I'm still seeing some heavy production out of OPEC and non-OPEC producers which continues to compound and lower oil prices. Floating storage figures still show a substantial amount of crude oil with nowhere to go, almost 164 million barrels in tankers, waiting for the call to sail.
"Again, with a possible end to winter refinery maintenance and turnover about to end, the return of refineries back to production has a possibility yet of impacting gasoline and other refined commodities down further. With 1.7 million in daily refining capacity offline right now, you can imagine the impact on the markets when they start adding again to inventories.
Most stations selling gasoline are already below a dollar a litre, and can be expected to sell a little lower as we get later in the week. The trend of prices looks steady for now, but once refining capacity kicks back in, should start to fall again".
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For more information, please contact:
George Murphy
Group researcher
Consumer Group for Fair Gas Prices
Twitter @GeorgeMurphyMHA
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