PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, July 31, 2004 — The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to adjust petroleum prices in their dealer and consumer schedules as follows:  a decrease of 1.0 cents per litre (cpl) on gasoline, an increase of 1.2 cpl on diesel and an increase of 1.1 cpl on furnace and stove oil.  Effective August 1, 2004 the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 88.7 cpl. 

In addition, Irving Oil Limited received approval to increase, by 0.5 cpl, and Superior Propane Inc. received approval to increase, by 0.4 cpl, all propane prices contained in their respective propane pricing schedules based on increases in product acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Sunday, August 1, 2004.

Click here for published prices effective August 1, 2004