PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, June 29, 2001 — The Island Regulatory and Appeals Commission announced today that applications for crude oil cost-related increases have been decided on as follows:

Approved gasoline prices for the month of June will continue in effect for the month of July, 2001, based on a review of wholesaler margin levels and current international, national and local market and related conditions.  Therefore the minimum and maximum allowable gasoline pump prices will not change from their current levels.

Wholesalers have been authorized to increase the prices of all distillate products contained in their dealer and posted consumer schedules as follows:  Ultramar Ltd. by 2.8 cpl (cents per litre), Shell Canada Products Limited by 2.4 cpl, Imperial Oil Limited by 2.8 cpl, Irving Oil Limited by 2.8 cpl, Petro-Canada by 3.0 cpl and Co-op Atlantic by 2.5 cpl.

Irving Oil Limited received approval to decrease by 1.6 cpl, and Superior Propane Inc. received approval to decrease by 2.1 cpl, all propane prices contained in their respective propane pricing schedules based on decreased product acquisition costs.

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

Click here for published prices effective July 1, 2001