PETROLEUM PRICING

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

• Gasoline prices will decrease by 1.5 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 3.5 cpl;
• Diesel prices will decrease by 4.5 cpl; and
• Propane prices will decrease by 8.6 cpl for Superior Propane and decrease by 8.8 cpl for Irving Oil Marketing Limited.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 75.7 cpl to 77.8 cpl.

The ongoing global financial crisis continues to impact consumer demand for petroleum products resulting in a further reduction in average wholesale prices. Gasoline pump prices on Prince Edward Island are now the lowest since March, 2004.  

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

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