Petroleum Pricing Adjustments

The Island Regulatory and Appeals Commission announced today that wholesalers have been authorized to increase the prices in their dealer and consumer schedules by 4.2 cents per litre (cpl) on gasoline, 4.0 cpl on diesel and 4.4 cpl on furnace and stove oil. Effective June 1, 2004 the average maximum pump price of regular unleaded gasoline at self-serve outlets will be 94.8 cpl.

In addition, Irving Oil Limited received approval to increase, by 3.2 cpl, and Superior Propane Inc. received approval to increase, by 3.1 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 Tuesday, June 1, 2004.

For more information, contact:

Allison MacEwen

(902) 892-3501