Island, 30 June 2000
today that crude
oil cost-related adjustments have been approved by the Commission.
Ultramar Ltd., Imperial
Oil Limited and Petro-Canada have been
authorized to decrease by 2.0 cents per litre, Shell Canada Products
Limited by 2.2 cents per litre, Irving Oil Limited by 1.7
cents per litre and Co-Op Atlantic by 1.8 cents per litre the
prices of all products contained in their posted consumer schedules and
low sulphur diesel in their dealer schedules.
The Commission gave consideration to the issue raised by
wholesalers regarding markup margins and the continued and recently
increased volatility of crude oil and has granted approval to maintain
the prices of all grades of gasoline in the dealer schedule for each
wholesaler. Therefore the
minimum and maximum allowable gasoline pump prices will not change from
their current levels.
for crude-oil related adjustments have been dealt with on a bi-monthly
basis by the Commission. Given
the continued volatility in the price of crude oil, the Commission has
been considering a change in the timing of these applications and has
concluded that it would be appropriate to review these more frequently.
In light of all the circumstances, future applications will be
considered on a monthly basis.
Commission also announced that approval has been granted to Irving Oil
Limited and Superior Propane Inc. to increase the price of propane to
all classes of customers by 1.0 and 0.8 cent per litre respectively.
prices adjustments authorized become effective at 12:01 a.m. on
Saturday, 1 July 2000.
Contact: Harry MacDonald