PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, October 31, 2005 — The Island Regulatory and Appeals Commission announced today that wholesalers have been directed to reduce prices in their dealer and consumer schedules by 1 cent per litre on gasoline, and by 5.0 cents per litre on diesel, furnace fuel and stove oil, effective 12:01 a.m. Tuesday, November 1, 2005.

This reduction, combined with lower provincial taxes, will result in pump prices for regular unleaded gasoline at self-serve outlets ranging from 95.3 cents per litre to 96.9 cents per litre.

In announcing the price reductions, Commission Chair, Moe Rodgerson, indicated that improved market conditions including a noticeable reduction in consumer demand for gasoline and the continued recovery of the Gulf of Mexico refining industry have resulted in lower international market prices as of late. While relative stability in gasoline pricing is anticipated in the coming weeks, Rodgerson cautioned that, with the onset of colder weather, increased demand for distillate products such as furnace oil and diesel will put upward pressure on market prices that may result in higher prices for these products. 

In addition, Irving Oil Limited received approval to increase, by 3.8 cpl, and Superior Propane Inc. received approval to increase, by 2.2 cpl, all propane prices contained in their respective propane pricing schedules based on increases in costs.

The Commission’s next scheduled price adjustment will be on November 15^th.

Click here for published prices effective November 1, 2005