PETROLEUM PRICING

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

• Gasoline prices will decrease by 2.3 cents per litre (cpl.);
• Diesel prices will decrease by 2.0 cpl;

• Furnace fuel and stove oil prices will decrease by 2.0 cpl; and
• Propane prices will increase by 0.4 cpl for Superior Propane and by 2.5 cpl for Irving Oil Marketing Limited.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 104.3 cpl to 105.8 cpl.

In announcing these latest price adjustments, the Commission noted that the depressed state of the U.S. economy has significantly impacted estimates of global consumption thereby depressing both crude and refined spot market pricing. This overall reduction in market price, however, comes as welcome news particularly as it relates to home heating oil which traditionally rises to its highest price point during the high consumption winter months. 

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