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. Shell Canada Products Limited has been authorized to increase by 2.0 cents pre litre, Petro-Canada by 2.1 cents per litre, Ultramar Ltd. And Imperial Oil Limited by 2.2 cents pre litre, and Irving Oil Limited by 2.3 cents 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 2.2 cents per litre based on the increases granted its supplier. Notwithstanding these approvals and based on the most recent data available, Prince Edward Island consumers continue to pay lower prices for gasoline products than do consumers in all other areas of Canada.

Irving Oil Limited received approval to increase its current propane prices by 1.5 cents per litre (with the exception of that sold through cylinder exchange centres) based on increased products acquisition costs.

All pricing adjustments become effective at 12:01 a.m. on Wednesday, 1 September 1999.

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