PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, January 31, 2005 — The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase all gasoline prices in their dealer and consumer schedules by 2.5 cents per litre (cpl).  Effective February 1, 2005, the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 84.2 cpl.

The Commission also announced that wholesalers have been authorized to decrease the prices of diesel fuel in their dealer and consumer schedules by 1.0 cpl, and that the approved prices for the month of January for furnace fuel and stove oil will continue in effect for the month of February, 2005.

In addition, Irving Oil Limited received approval to decrease, by 1.4 cpl, and Superior Propane Inc. received approval to decrease, by 0.8 cpl, all propane prices contained in their respective propane pricing schedules based on decreases in product acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Tuesday, February 1, 2005.

Click here for published prices effective February 1, 2005