PETROLEUM PRICING

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

• Gasoline prices will increase by 1.0 cent per litre (cpl);

• Furnace and stove oil prices will decrease by 2.0 cpl;

• Diesel prices will decrease by 4.0 cpl;

• Propane prices will decrease by 4.8 cpl for Superior Propane, by 3.1 cpl for Irving Energy Distribution and Marketing and by 4.2 cpl for Kenmac Energy Inc.

Including adjustment for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 85.8 cpl to 87.9 cpl.

Reduced refinery production rates have effectively lowered inventory levels of gasoline this past week resulting in an upward pressure on spot market gasoline prices. Warmer than normal temperatures as of late, however, have served to ease the consumption and the related market price of furnace oil, diesel and propane.

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

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