PETROLEUM PRICING

Charlottetown, Prince Edward Island, February 1, 2010 — The Island Regulatory and Appeals Commission approved the following petroleum pricing decisions, effective 12:01 a.m., Monday, February 1, 2010:

• Gasoline prices will decrease by 2.4 cents per litre (cpl);
• Furnace and stove oil prices will decrease by 3.8 cpl;
• Diesel prices will decrease by 4.1 cpl; and

• Propane prices will increase by 6.1 cpl for Superior Propane, by 6.0 cpl for Irving Energy Distribution and Marketing and by 6.0 cpl for Kenmac Energy Inc.

Including adjustments for taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 97.8 cpl to 99.9 cpl.

Significant reductions in the wholesale market price of gasoline, furnace oil and diesel products since the Commission’s last adjustment allows for the petroleum product price decreases announced today. Escalation of wholesale propane costs over the past 30 days are also reflected in today’s announced prices.

The Commission's next scheduled price adjustment will be on February 15, 2010.

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Click here for published prices effective February 1, 2010