VICTORIA – In response to legislation passed on November 27th demanding oil companies to reveal how gas prices are set, Bruce Ralston, Minister of Jobs, Trade and Technology states, “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.”
The legislation was developed in response to an investigation that found an unexplained 10- to 13-cent-per-litre premium charged at the pumps in BC.
“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,” claims Ralston.
According to the statement released by the Province, the new law will make oil and gas companies accountable to British Columbians for ‘unfair markups and will discourage cost increases that seemingly cannot be explained’.
Ralston also states, “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.”