PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, 29 December 2000 — The Island Regulatory and Appeals Commission announced today that applications for crude oil cost-related increases have been approved by the Commission.  The changes announced at this time are based on world crude oil prices for the month of November.  Wholesalers have been authorized to increase the prices of all products contained in their dealer and posted consumer schedules as follows:  Ultramar Ltd. by 2.4 cpl (cents per litre), Shell Canada Products Limited by 2.1 cpl, Imperial Oil Limited by 2.5 cpl, Irving Oil Limited by 2.5 cpl, Petro-Canada by 2.8 cpl and Co-op Atlantic by 2.5 cpl.

Irving Oil Limited received approval to decrease by 1.4 cpl and Superior Propane Inc. received approval to decrease by 1.1 cpl all propane prices contained in their respective schedules based on decreased product acquisition costs. 

All pricing adjustments become effective at 12:01 a.m. on Monday, 1 January 2001.

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

Click here for published prices effective 1 January, 2001