December 31, 1998 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, Irving Oil Limited and Petro-Canada have been authorized to decrease by 0.8 cent per litre and Shell Canada Products Limited has been authorized to decrease by 0.7 cent per litre the prices of all products contained in their dealer and posted consumer schedules. Co-Op Atlantic received approval to decrease all dealer and posted consumer prices by 0.8 cent per litre based on the crude oil-related decreases granted its supplier. A reduction of 0.7 cent per litre in dealer prices was also authorized for Wilson Fuels. 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 product acquisition costs. All pricing adjustments become effective at 12:01 a.m. on Friday, 1 January 1999. Media Contact: Island Information Service