Petroleum Pricing Adjustments

The Island Regulatory and Appeals Commission announced today that applications for crude oil cost-related increases have been approved by the Commission. The changes announced at this time are based on world crude oil prices for the month of August. Wholesalers have been authorized to increase the prices of all products contained in the dealer and posted consumer schedules as follows: Ultramar Ltd. by 2.1 cpl (cents per litre), Shell Canada Products Limited by 1.3 cpl, Imperial Oil Limited by 1.8 cpl, Irving Oil Limited by 1.8 cpl, Petro-Canada by 2.1 cpl and Co-op Atlantic by 2.0 cpl.

Irving Oil Limited received approval to increase by 1.1 cpl and Superior Propane Inc. received approval to increase by 2.1 cpl all propane prices contained in their respective schedules based on increased product acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Sunday, 1 October 2000.

Allowable pump prices and posted consumer prices of furnace fuel resulting from these approvals will be published shortly.

For more information contact: H. Doris Pursey at (902) 892-3501