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 3.8 cents per litre, Shell Canada Products Limited and Irving Oil Limited by 3.7 cents per litre and Petro-Canada by 3.6 cents per litre the prices of all products contained in their dealer and posted consumer schedules. Wilson Fuel Company Ltd. received approval to increase its dealer prices by 3.7 cents per litre. Co-op Atlantic also received approval to increase all dealer and posted consumer prices by 3.8 cents per litre based on the increases granted its supplier.

Irving Oil Limited received approval to restructure its propane pricing schedule in accordance with its earlier request, and also received approval to increase its current propane prices by 1.4 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 Thursday, 1 July 1999.

Allowable pump prices and posted consumer prices of furnace fuel resulting from these approvals will be published shortly.