PETROLEUM PRICING ADJUSTMENTS

Charlottetown, Prince Edward Island, July 31, 2001 — The Island Regulatory and Appeals Commission announced today the following decreases in all products in petroleum wholesalers' dealer and consumer pricing schedules have been authorized:  Ultramar Ltd. by 3.1 cpl (cents per litre), Shell Canada Products Limited by 2.9 cpl, Imperial Oil Limited by 3.1 cpl, Irving Oil Limited by 3.1 cpl, Petro-Canada by 3.5 cpl and Co-op Atlantic by 2.6 cpl.  These price changes are based on recent crude-related pricing applications and market-related conditions.

Irving Oil Limited received approval to decrease by 3.2 cpl, and Superior Propane Inc. received approval to decrease by 3.0 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 Wednesday, August 1, 2001.

Click here for published prices effective August 1, 2001