PETROLEUM PRICING

Charlottetown, Prince Edward Island, January 1, 2009 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Thursday, January 1, 2009:

• Gasoline prices will decrease by 2.0 cents per litre (cpl);
• Furnace oil prices will decrease by 4.2 cpl;
• Stove oil will decrease by 2.2 cpl;
• Diesel prices will decrease by 3.0 cpl; and
• Propane prices will decrease by 0.4 cpl for Irving Oil Marketing Limited.

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 67.0 cpl to 69.1 cpl.

After peaking at 141.2 on July 15th of this past year, Prince Edward Island gasoline prices are now at their lowest level since July, 2002.  Similarly, furnace oil prices after registering an all time high of 127.5 cpl on July 15th are now 22.8 cpl lower than a year ago and at their lowest level since January 2007.

The Commission's next scheduled price adjustment will be on January 15, 2009.

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