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. Ultramar Ltd., Imperial Oil Limited and Wilson Fuel Co. Limited have been authorized to increase by 1.1 cents per litre, Irving Oil Limited and Shell Canada Products Limited have been authorized to increase by 1.2 cents per litre, and Petro-Canada has been authorized to increase by 1.4 cents per litre the prices of all products contained in their dealer and posted consumer schedules. Co-op Atlantic also received approval to increase its prices by 1.1 cents per litre based on the increases granted its supplier.

In addition, the Commission approved a request by Wilson Fuel Co. Limited to concurrently reduce its price of diesel fuel to dealers by 3.0 cents per litre due to market conditions, for a net decrease in its previously-approved price of 1.9 cents per litre. Ultramar Ltd. also sought and received approval to concurrently decrease its posted consumer price of furnace fuel by 0.1 cpl and its prices of all grades of gasoline to dealers by 0.4 cpl.

Irving Oil Limited received approval to increase its propane prices by 1.1 cents per litre (with the exception of that sold through cylinder exchange centres), based on increased acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Thursday, 1 January 1998.