PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, June 28, 2002 — The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to decrease the prices in their dealer and consumer schedules by 0.8 cent per litre (cpl) on gasoline, 2.0 cpl on diesel, and 1.8 cpl on furnace and stove oil.  Effective July 1, 2002 the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 68.8 cents per litre.

Irving Oil Limited received approval to decrease, by 1.0 cpl, and Superior Propane Inc. received approval to decrease, by 0.5 cent per litre, all propane prices contained in their propane pricing schedules based on decreased product acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Monday, July 1, 2002.

Click here for published prices effective July 1, 2002