Prince Edward Island, 31 December 1999 The Island Regulatory and
Appeals Commission announced today that applications for crude oil cost-related increases
have been approved by the Commission. Ultramar Ltd. and Co-Op
Atlantic have been authorized to increase by 1.7 cents per litre, Shell
Canada Products Limited and Imperial Oil Limited have been
authorized to increase by 1.8 cents per litre, Irving Oil Limited by 1.9
cents per litre and Petro-Canada by 2.0 cents per litre the prices of all
products contained in their dealer and posted consumer schedules. Wilson Fuel Co.
Limited received approval to increase its dealer prices by 1.8 cents per litre.
While the cost of gasoline is based on various components, the increases allowed very much
relate to crude oil prices. In this regard, the Commission notes that crude cost averages
have doubled over the past year. Notwithstanding these approvals which provide for
recovery of higher crude oil costs, the most recent independent survey available indicates
that Prince Edward Islands prices for gasoline products continue to be considerably
lower than the average prices of these products in most other areas of the Country.
Irving Oil Limited
received approval to increase its current propane prices by 1.5 cents per litre based on
increased product acquisition costs.
All pricing adjustments
become effective at 12:01 a.m. on Saturday, 1 January 2000.
Allowable pump prices and
posted consumer prices of furnace fuel resulting from these approvals will be published
For Additional Information
Contact: H. Doris Pursey
See Related Public Notice