PETROLEUM PRICING

Charlottetown, Prince Edward Island, November 22, 2008 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, November 22, 2008:

• Gasoline prices will decrease by 4.5 cents per litre (cpl); and

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

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 78.8 cpl to 80.9 cpl.

Global economic conditions continue to negatively impact demand for petroleum products and, in particular, gasoline.  A substantial drop in the wholesale price of this product has triggered this unscheduled price adjustment at this time. Gasoline prices on Prince Edward Island have now fallen 54 cpl over the past 9 weeks and are 26.8 cpl below year ago levels.

The Commission's next scheduled price adjustment will be on November 30, 2008.

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