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. and Imperial Oil Limited have been authorized to increase by 0.5 cent per litre, and Irving Oil Limited, Shell Canada Products Limited and Petro-Canada have been authorized to increase by 0.4 cent per litre the prices of all products contained in their dealer and posted consumer schedules. Co-op Atlantic also received approval to increase all dealer and posted consumer prices by 0.5 cent per litre based on the crude oil-related increases granted its supplier. Co-op Atlantic received further authorization for offsetting decreases in its posted consumer prices of gasolines and diesel in amounts ranging from 0.3 cent per litre to 3.3 cents per litre based on competitive factors.

Irving Oil Limited received approval to decrease its propane prices by 0.5 cent per litre (with the exception of that sold through cylinder exchange centres). Superior Propane Inc. received approval for price reductions amounting to 2.3 cents per litre. Both applications cited decreased product acquisition costs as the reason for the requested decreases.

All pricing adjustments become effective at 12:01 am on Wednesday, 1 July 1998.