June 30, 2000 The Island Regulatory and Appeals commission announced today that crude oil cost-related adjustments have been approved by the Commission. Ultramar Ltd., Imperial Oil Limited and Petro-Canada have been authorized to decrease by 2.0 cents per litre, Shell Canada Products Limited by 2.2 cents per litre, Irving Oil Limited by 1.7 cents per litre and Co-op Atlantic by 1.8 cents per litre the prices of all products contained in their posted consumer schedules and low sulphur diesel in their dealer schedules. The Commission gave consideration to the issue raised by wholesalers regarding markup margins and the continued and recently increased volatility of crude oil and has granted approval to maintain the prices of all grades of gasoline in the dealer schedule for each wholesaler. Therefore the minimum and maximum allowable gasoline pump prices will not change from their current levels. Applications for crude-oil related adjustments have been dealt with on a bi-monthly basis by the Commission. Given the continued volatility in the price of crude-oil, the Commission has been considering a change in the timing of these applications and has concluded that it would be appropriate to review these more frequently. In light of all the circumstances, future applications will be considered on a monthly basis. The commission also announced that approval has been granted to Irving Oil Limited and Superior Propane Inc. to increase the price of propane to all classes of customers by 1.0 and 0.8 cent per litre respectively. The prices adjustments authorized become effective at 12:01 a.m. on Saturday, 1 July 2000. For additional information, contact Harry MacDonald at 902-892-3501.Media Contact: Island Information Service