By Pete McIntyre

Legislation aims to bring transparency to gasoline prices

Nov 18, 2019 | 3:19 PM

Oil and gas companies in B.C. will be forced to reveal to consumers how gas prices are set, as a result of legislation introduced by the NDP government.

The fuel price transparency act will allow the B.C. Utilities Commission (BCUC) to collect information from the companies on the market conditions involved in setting gas prices which will be made public.

Jobs, Trade and Technology Minister Bruce Ralston says it’s incredibly frustrating to watch the price of gas shoot up for no reason.

“British Columbians are tired of feeling ripped off whenever they fill up their vehicles,” said Ralston. “This legislation sends a message to oil and gas companies: the days of setting your prices in total secrecy have come to an end.”

The act was developed in response to the BCUC investigation that found a lack of competition and substantial markups in the province’s gasoline market, including a 10- to 13-cent-per-litre premium being charged to drivers that industry was unable to explain during the BCUC inquiry.

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The government says the unexplained premium results in British Columbians paying an extra $490 million every year.

The act will require companies to share data on refined fuel imports and exports, fuel volumes at refineries and terminals, as well as wholesale and retail prices. It also has safeguards in place to ensure that the information provided by the companies is complete, accurate and reported regularly.

“By pulling back the curtain, these companies will be publicly accountable for unfair markups and cost increases that cannot be explained,” Ralston said. “It will also produce a common set of facts moving forward, allowing us to properly evaluate other policy measures to bring fairness to the price at the pump.”

by Pete McIntyre

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