PETROLEUM PRICING

• Gasoline prices will increase by 1.5 cents per litre (cpl).

• Furnace fuel and stove oil prices will remain the same.

• Diesel prices will increase by 3.0 cpl.

• Superior Propane Inc. propane prices will increase by 2.1 cpl while Irving Oil Marketing Limited propane prices will increase by 2.8 cpl.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 110.6 cpl to 112.1 cpl.

In announcing the price adjustments, the Commission noted that a number of global political and supply-related issues continue to put upward pressure on world oil prices:

• Tensions between the United Kingdom and Iran have caused concern over a potential disruption of oil shipments through the  Gulf of Hormuz through which 40% of the world's oil supplies flow;

• Refineries in the U.S. have been dealing with seasonal maintenance-related production interruptions;

• Domestic North American consumer demand for gasoline continues to track ahead of last year levels; and

• Labour disputes in France have interfered with the importation of gasoline supplies from Europe.

The combined affect of these ongoing developments has resulted in a continuing increase in crude and refined product pricing.

Because of ongoing volatility in world markets, the Commission continues to monitor market conditions and, if necessary, will implement an unscheduled price adjustment prior to the next scheduled adjustment date of April 15, 2007.

Average NYMEX reported pricing: