Petroleum Pricing Adjustments

The Island Regulatory and Appeals Commission announced today that applications for crude oil cost-related decreases have been approved by the Commission. Ultramar Ltd., Imperial Oil Limited and Petro-Canada have been authorized to decrease by 3.0 cents per litre, Irving Oil Limited and Wilson Fuel Co. Limited have been authorized to decrease by 2.8 cents per litre, and Shell Canada Products Limited has been authorized to decrease by 2.9 cents per litre the prices of all products contained in their dealer and posted consumer schedules. Co-op Atlantic also received approval to decrease its prices by 3.0 cents per litre based on the decreases granted its supplier.

In addition, the Commission approved a request by Ultramar Ltd. to reduce its price of low sulphur diesel fuel to dealers by 2.5 cents per litre due to market conditions, for a total decrease its previously-approved price of 5.5 cents per litre.

Irving Oil Limited received approval to decrease its propane prices by 1.8 cents per litre (with the exception of that sold through cylinder exchange centres), based on decreased acquisition costs.

All pricing adjustments become effective 12:01 am on Sunday, 1 March 1998.