PETROLEUM PRICING

Charlottetown, Prince Edward Island, March 15, 2009 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Sunday, March 15, 2009:

• Gasoline prices will increase by 1.0 cent per litre;
• There will be no change in the posted prices of furnace oil, stove oil or diesel at this time;
• Propane prices for Irving Energy Distribution and Marketing will decrease by 4.5 cpl.

An escalation in the wholesale price of gasoline over the past two weeks now necessitates an adjustment to local retail pricing. Accordingly, pump prices for regular unleaded gasoline at self-serve outlets will now range from 82.2 cpl to 84.3 cpl. In addition, the Commission has accepted an application on the part of Irving Energy to reduce propane prices. 

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

 —30—