PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, July 31, 2005 — 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: an increase of 2.0 cents per litre (cpl) on gasoline, an increase of 1.0 cpl on furnace and stove oil and a decrease of 1.0 cpl on diesel fuel.  Effective August 1, 2005, pump prices for regular unleaded gasoline at self-serve outlets will range from between 99.3 cents and 101.4 cents per litre.

In addition, Irving Oil Limited received approval to increase, by 0.7 cpl, and Superior Propane Inc. received approval to increase, by 0.9 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 Monday, August 1, 2005.

Click here for published prices effective August 1, 2005