PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, February 28, 2005 — The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase the prices in their dealer and consumer schedules by 3.0 cents per litre (cpl) on gasoline and diesel, and 3.5 cpl on furnace and stove oil.  Effective March 1, 2005, the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 87.3 cpl.

In addition, Irving Oil Limited received approval to increase, by 0.1 cpl, and Superior Propane Inc. received approval to decrease, by 0.7 cpl, all propane prices contained in their respective propane pricing schedules based on changes in product acquisition costs.

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

Click here for published prices effective March 1, 2005