PETROLEUM PRICING

Charlottetown, Prince Edward Island, January 15, 2014 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Wednesday, January 15, 2014:

• Gasoline prices will decrease by 2.2 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 2.0 cpl;
• Diesel prices will decrease by 2.3 cpl; and
• Propane prices will increase by 8.0 cpl for Superior Propane, Irving Energy Distribution and Marketing and Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 131.0 cpl to 132.1 cpl.

The maximum price for furnace oil will now amount to 113.3 cpl plus tax.

Reductions in the wholesale rack pricing of gasoline, diesel and furnace oil resulting from reduced demand and increased inventories noted over the period of the past two weeks enable the price reductions announced today.

A number of factors, however, have combined to collectively exert a significant upward pressure on propane prices. The recent storm related temporary closure of the Come-By-Chance refinery in Newfoundland, production issues associated with the Sable Island gas platforms, Eastern Canadian rail shipment issues coupled with a significantly increased industry wide demand for propane have dramatically impacted propane wholesale rack pricing in recent weeks.

The Commission's next scheduled price adjustment will be on February 1, 2014.

 —30—