PETROLEUM PRICING

Charlottetown, Prince Edward Island, August 31, 2007 — The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective September 1, 2007:

• Gasoline prices will increase by 2.0 cents per litre (cpl);

• Propane prices will increase by .3 cpl for Superior Propane Inc. and Irving Oil Marketing Limited propane prices will increase by .6 cpl; and

• There will be no change to furnace fuel, stove oil or diesel at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 100.8 cpl to 102.4 cpl.

In announcing the adjustments, the Commission noted that recent refinery production interruptions coupled with continued strong consumer demand have significantly impacted gasoline inventory levels resulting in the currently observed escalation of market prices.

The Commission's next scheduled price adjustment will be on September 15, 2007.

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