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., Irving Oil Limited and Petro-Canada have been authorized to decrease by 1.6 cents per litre and Shell Canada Products Limited has been authorized to decrease by 1.3 cents per litre the prices of all products contained in their dealer and posted consumer schedules. Imperial Oil Limited's application for crude-related decreases of 1.6 cents per litre, with a 0.2 cent per litre allowance for the market-related dealer decrease authorized effective 12 August 1998 (resulting in 1.6 cents per litre decrease in posted consumer prices and 1.4 cents per litre decrease in dealer prices), was also approved. Co-op Atlantic received approval to decrease all dealer and posted consumer prices by 1.6 cents per litre based on the crude oil-related decreases granted its supplier. A reduction of 1.3 cents per litre in dealer prices was also authorized for Wilson Fuels.

Irving Oil Limited received approval to decrease its propane prices by 1.4 cents per litre (with the exception of that sold through cylinder exchange centres) based on decreased product acquisition costs.

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