PETROLEUM PRICING

Charlottetown, Prince Edward Island, November 8, 2007 — The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective November 9, 2007:

• Gasoline prices will increase by 4.0 cents per litre (cpl);
• Diesel prices will increase by 4.0 cpl; and
• Furnace fuel and stove oil prices will increase by 4.0 cpl;  
• There will be no change in propane prices at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 104.2 cpl to 105.8 cpl.

In announcing the non-scheduled price adjustment, the Commission noted that record high crude oil costs, approaching $100.00 per barrel, are quickly being reflected in the prices of refined products.

Last year at this time crude oil was selling for $59.41 per barrel. Average crude prices have increased every month this year and November prices are almost 75 percent higher than January.  Record prices have not curbed world demand and continued strong demand for refined products, especially in the US and China, continues to put upward pressure on both crude and refined product prices.

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