PETROLEUM PRICING

Charlottetown, Prince Edward Island, October 1, 2008 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, October 1, 2008:

• Gasoline prices will decrease by 6.5 cents per litre (cpl);

• Propane prices will decrease by 1.4 cpl for Superior Propane and decrease by 1.8 cpl for Irving Oil Marketing Limited; and

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

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 113.4 cpl to 115.5 cpl, the lowest Island consumer prices since April of this year.  

While inventory levels are at historic lows, reduced demand has deflated gasoline commodity prices resulting in the pump price reductions announced today. However, increased seasonal demand for furnace oil and diesel has served to maintain commodity prices for these products.

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

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