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The British Columbia government said new regulations coming into effect today will “pull back the curtain” on the province’s fuel prices.
Minister of Energy Bruce Ralston said the Fuel Price Transparency Act will force companies to make detailed reports to the BC Utilities Commission (BCUC).
He said it should help reveal the cause of the 13-cent-per-litre premium being charged to drivers that has yet to be explained by companies.
"For years, British Columbians have felt like they are getting gouged when they fill up at the pump,” Ralston said.
He added: "The BCUC’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 legislation applies to companies that import, purchase, store and distribute gasoline and diesel products intended for sale at retail stations.
They will need to make regular reports to the commission starting in October.
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 to BCUC,” Ralston said.
“We know that from the BCUC's investigation into gas prices that four companies control around 90% of the wholesale market in Southern BC.
"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."