PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, May 31, 2005 — The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to decrease the prices in their dealer and consumer schedules by 3.0 cents per litre (cpl) on gasoline, 2.0 cpl on diesel and 4.0 cpl on furnace and stove oil.  Effective June 1, 2005, the average pump price of regular unleaded gasoline at self-serve outlets will be 93.6 cpl.

In addition, Irving Oil Limited and Superior Propane Inc. both received approval to decrease, by 1.5 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 Wednesday, June 1, 2005.

Click here for published prices effective June 1, 2005