New measures to control B.C. gas prices

Aug 14, 2020 | 9:59 AM

The B.C. government says drivers can expect more transparency and greater accountability when it comes to gasoline and diesel fuel prices.

The province has brought in new mandatory reporting requirements for the wholesale market using the Fuel Price Transparency Act.

The regulations, that come into effect today (Aug. 14), mean companies that import, purchase, store and distribute gasoline and diesel products for the retail market have to make regular reports to the B.C. Utilities Commission.

“This includes detailed information on fuel imports, storage capacity, bulk sales and wholesale prices,” a government media release said.

“With the new rules we are bringing in today, oil and gas companies in the wholesale market will have to start making regular, mandatory reports to BCUC. We know that from the BCUC’s investigation into gas prices that four companies control around 90 per cent of the wholesale market in southern B.C.,” said Bruce Ralston, minister of energy, mines and petroleum resources. “By pulling back the curtain, the action we are taking today will help ensure industry is held publicly accountable for unexplained markups and prices increases.”

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An investigation by the commission found a lack of competition and significant markups in the B.C. market, including a 13 cent per-litre premium being charged to drivers that industry was unable to explain.

“This results in British Columbians paying an extra $490 million per year,” Ralston said. “For years, British Columbians have felt like they are getting gouged when they fill up at the pump. That’s why our government asked our independent energy watchdog to do an investigation into gas prices.”

In March 2020, the BCUC was named as the independent administrator of the FPTA and given the power to collect and publish data on fuel pricing in order to promote competition in the market. The BCUC has launched a website to provide the public with information about the factors that influence fuel gas prices.

Further regulations are being developed for the other parts of the fuel supply chain, including the retail market.

by Pete McIntyre

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