Latest News

Gas companies must adhere to new regulations

By Richmond Sentinel

Published 11:40 PDT, Fri August 14, 2020

BC drivers can look forward to 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 passed last fall.

“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,” said Bruce Ralston, minister of energy, mines and petroleum resources. “The British Columbia Utilities Commission’s inquiry found a lack of competition and significant markups in the BC 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.”

The regulations that come into effect today target the wholesale market. Companies that import, purchase, store and distribute gasoline and diesel products intended for sale at retail stations will need to make regular reports starting for the month of October to the BC Utilities Commission. This includes detailed information on fuel imports, storage capacity, bulk sales and wholesale prices.

“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. We know that from the investigation into gas prices that four companies control around 90 per cent of the wholesale market in southern BC,” Ralston said. “By pulling back the curtain, the action we are taking today will help ensure industry is held publicly accountable for unexplained markups and price increases.”

In March 2020, the BC Utilities Commission was named as the independent administrator of the Fuel Price Transparency Act and given the power to collect and publish data on fuel pricing in order to promote competition in the market. The commission has launched a website to provide the public with information about the factors that influence fuel gas prices: https://www.gaspricesbc.ca/

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

See more canada news

See All

See more international news

  See All
© 2024 Richmond Sentinel News Inc. All rights reserved. Designed by Intelli Management Group Inc.