Minister’s statement on passage of fuel price transparency act
Bruce Ralston, Minister of Jobs, Trade and Technology, has issued the following statement on Bill 42, fuel price transparency act, 2019:
“As a result of this new legislation that was passed on Nov. 27, 2019, people can expect more transparency in the prices of gasoline and diesel fuel.
“The fuel price transparency act will allow the British Columbia Utilities Commission to collect information from oil and gas companies on the market conditions involved in setting prices. This act was developed in response to the commission’s investigation that found an unexplained 10- to 13-cent-per-litre premium charged at the pumps in British Columbia.
“People are finding it incredibly frustrating to watch the prices of gasoline shoot up for no reason, and they are tired of feeling ripped off whenever they fill up their vehicles. This new legislation will make oil and gas companies accountable to British Columbians for unfair markups and will discourage cost increases that seemingly cannot be explained. If there is a reason for charging premiums, prove it.
“Moving forward, this legislation will also produce a common set of facts, allowing us to evaluate if other policy measures are needed.
“The act will require companies to share data on refined fuel imports and exports, and fuel volumes at refineries and terminals, as well as wholesale and retail prices.
“It has safeguards in place to ensure that the information provided by the companies is complete, accurate and reported regularly. The information will be made available to the public, including consumer and watchdog groups.”
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