PETROLEUM PRICING

Charlottetown, Prince Edward Island, May 14, 2011 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Saturday, May 14, 2011:

• Gasoline prices will decrease by 5.5 cents per litre (cpl); 
• Diesel prices will decrease by 5.9 cpl;
• Furnace and stove oil prices will decrease by 7.5 cpl and;
• 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 122.9 cpl to 125.0 cpl.  

Significant reductions in the wholesale price of gasoline, diesel and furnace oil observed since May 1 now afford the Commission the opportunity to implement the above described product price reductions one day in advance of the normally scheduled May 15^th adjustment date.

The Commission's next scheduled price adjustment will be on June 1, 2011.