PETROLEUM PRICING

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

• Gasoline prices will decrease by 4.5 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 4.1 cpl;
• Diesel prices will decrease by 4.5 cpl;
• There will be no change in propane prices at this time.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 92.0 cpl to 94.1 cpl.

Recession related reduced demand coupled with increased inventory levels continue to exert a downward pressure on the wholesale prices of refined petroleum products thus affording the price reductions announced today.

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

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