PETROLEUM PRICING

Charlottetown, Prince Edward Island, June 1, 2012 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Friday, June 1, 2012:

• Gasoline prices will decrease by 1.7 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 3.8 cpl;
• Diesel prices will decrease by 4.3 cpl; and
• Propane prices will decrease by 3.8 cpl for Superior Propane, by 4.5 cpl for Irving Energy Distribution and Marketing and by 4.8 cpl for Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 122.9 cpl to 123.9 cpl.

The maximum price for furnace oil will now be 97.0 cpl.

Significant reductions in the wholesale price of all petroleum products over the past two weeks now afford the Commission the opportunity to implement the above described product price reductions.

The Commission's next scheduled price adjustment will be on June 15, 2012.