PETROLEUM PRICING

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

• Gasoline prices will increase by 3.9 cents per litre (cpl);
• Propane prices will increase by 3.0 cpl for Superior Propane and by 3.2 cpl for Irving Energy Distribution and Marketing;
• Furnace and stove oil prices will decrease by 5.4 cpl; and
• Retail dealer diesel prices will decrease by 3.9 cpl while commercial posted diesel prices will decrease by 2.4 cpl. 

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 82.3 cpl to 84.4 cpl.

Continued escalated wholesale prices for both gasoline and propane have necessitated an upward adjustment in prices at this time. Recently observed moderation in the wholesale spot market prices of diesel and furnace oil, however, now afford the Commission the opportunity to reduce the posted prices of these products.

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

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