PETROLEUM PRICING

Charlottetown, Prince Edward Island, December 15, 2008 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Monday, December 15, 2008:

• Gasoline prices will decrease by 3.0 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 3.8 cpl;
• Diesel prices will decrease by 2.0 cpl; and
• There will be no changes in propane pricing at this time.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 69.9 cpl to 72.0 cpl.

The effects of the global recession continue to impact demand for petroleum products.  Reduced consumption, milder temperatures and solid supply have combined to exert downward pressure on all petroleum product wholesale prices.

The Commission's next scheduled price adjustment will be on January 1, 2009.

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