The following is being distributed at the request of the Public Utilities Board�s Petroleum Pricing Office (PPO):

Maximum Gasoline Prices at Six-Year Low

Effective 12:01 a.m. Thursday, January 1, 2009, the Public Utilities Board set maximum fuel prices, as per its scheduled biweekly adjustment, in all areas of the province except those currently under a price freeze.

Maximum fuel prices moved as follows:

• All types of gasoline decreased 6.3 or 6.4 cents per litre (cpl) � depending on the HST rounding impact;
• Ultra low sulphur diesel was lowered 6.2 or 6.3 cpl � also due to HST rounding;
• No. 2 blend furnace oil declined by 5.22;
• Stove oil decreased 5.69; and,
• Residential propane increased by 1.4 cpl.

Gasoline prices in Newfoundland and Labrador have not been this low since December 2002, when the maximum for Zone 1 (Avalon) was 78.4 cpl. Economic growth worries from developed countries and lower fuel demand continue to place downward pressure on international market prices, despite efforts by OPEC to reignite prices by cutting production output or concerns about resurging tensions in the Middle East, home to the majority of the world�s oil reserves.

- 30 -

1. Automotive Fuels � Maximum Retail Pump Prices � Effective January 1, 2008
2. Heating Fuels � Maximum Tank Wagon (or ** Tank Farm) Prices � Effective January 1, 2008
3. Heating Fuels �Residential Propane � Maximum Tank Wagon Prices � Effective January 1, 2008

Media contact:
Michelle Hicks
Communications
1-866-489-8800, 489-8837
Email: mhicks@pub.nl.ca or visit the Board�s website: www.pub.nl.ca.

2009 01 02                                     9:20 a.m.