PETROLEUM PRICING

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

• There will be no change in the posted wholesale price of gasoline, furnace oil, stove oil or diesel at this time;
• Propane prices will increase by 4.1 cpl for Superior Propane, by 4.5 cpl for Irving Energy Distribution and Marketing and by 3.7 cpl for Kenmac Energy Inc.

While no changes are being made to wholesale gasoline and diesel prices at this time, tax adjustments relating to previously authorized Commission price changes during the month of February will now result in slight pump price reductions. Accordingly, pump prices for regular unleaded gasoline at self-serve outlets will now range from 81.2 cpl to 83.3 cpl.

Significant reductions in North American wide inventory holdings of propane this past month have impacted wholesale pricing levels of propane resulting in the increases announced today.

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

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