PETROLEUM PRICING

Charlottetown, Prince Edward Island, June 30, 2007 — The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective July 1, 2007:

• Gasoline prices will increase by 2.1 cents per litre (cpl);
• Diesel prices will increase by 2.5 cpl;

• Furnace fuel and stove oil prices will increase by 2.7 cpl; and
• Propane prices will reduce by 1.6 cpl for Superior Propane Inc. and Irving Oil Marketing Limited propane prices will reduce by 1.8 cpl.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 105.4 cpl to 107.0 cpl.

Market factors impacting the price include: a nation-wide strike in oil rich Nigeria, continued tension in the Middle East and the latest U.S. Department of Energy report indicating reduced gasoline and distillate inventories.