PETROLEUM PRICING

Charlottetown, Prince Edward Island, October 28, 2008 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Tuesday, October 28, 2008:

• Gasoline prices will decrease by 6.0 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 5.0 cpl;
• Diesel prices will decrease by 6.0 cpl; and
• There will be no changes in propane prices at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 96.5 cpl to 98.6 cpl.

The continuing deterioration of global financial markets due to growing concern about the world economy, signs of weakening demand for petroleum products, and reduced market prices for crude oil has further impacted the prices for refined products.

The Commission's next scheduled price adjustment will be on November 1, 2008.

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