PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, March 31, 2005 — Record high international oil prices will again impact the Island's petroleum market.

The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase the prices in their dealer and consumer schedules by 4.3 cents per litre (cpl) on gasoline, and by 3.1 cpl on diesel, furnace and stove oil.  Effective April 1, 2005, the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 91.9 cpl.

In addition, Irving Oil Limited received approval to increase, by 1.9 cpl, and Superior Propane Inc. received approval to increase, by 2.7 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 Friday, April 1, 2005.

Click here for published prices effective April 1, 2005