PETROLEUM PRICING

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

• Gasoline prices will decrease by 5.0 cents per litre (cpl);
• Propane prices will decrease by 8.5 cpl for Superior Propane and decrease by 8.1 cpl for Irving Oil Marketing Limited; and
• There will be no changes in diesel, furnace oil or stove oil prices at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 90.8 cpl to 92.9 cpl.

Today's pump price adjustment relates to the continued drop in wholesale gasoline prices resulting from reduced global demand.  Since July 15th of this year, gasoline prices on Prince Edward Island have dropped by 45.6 cpl and are now the lowest since February 1, 2007.

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

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