PETROLEUM PRICING

Charlottetown, Prince Edward Island, December 31, 2007 — The Island Regulatory and Appeals Commission announced today the following petroleum pricing decisions, effective January 1, 2008:

• Gasoline prices will increase by 1.0 cents per litre (cpl); and

• Propane prices will increase by 1.0 cpl for Superior Propane and decrease by .3 cpl for Irving Oil Marketing Limited.

There will be no change in furnace oil or diesel prices at this time.

Including taxes and adjustments to retailer margins, pump prices for regular unleaded gasoline at self-serve outlets will now range from 106.7 cpl to 108.3 cpl.

The Commission's next scheduled price adjustment will be on January 15, 2008.