May 20, 1997 The Island Regulatory and Appeals Commission announced today that it has issued its Decision and Order (No. P.970516-1) in the matter of discounting of posted consumer and other petroleum product prices, which issue has been under review for some period of time. Public and in-camera hearings were conducted in 1995 with representatives of all licensed wholesalers participating; a discussion paper was prepared by the Commission and released in October, 1996; and a further hearing was held in January, 1997, for the purpose of gathering input from consumers. Following consideration of the evidence, which evidence indicated that a large percentage of volume is sold at discounted prices, it was the determination of the Commission that furnace oil prices should be reduced by two cents per litre and stove oil prices should be reduced by one cent per litre effective 12:01 a.m. on 21 May 1997. It was further noted in this Decision and Order that, in all other respects, the Commission accepts that the existence of the practice of discounting enhances the competitive environment within the regulated market. As a result, the Commission has determined that at this time there is no need to consider any limitations to or restrictions upon the discounting practices connected with the sale of products under the posted consumer pricing schedule approved for each wholesaler. For additional information, contact: H. Doris Pursey at (902) 892-3501. Media Contact: