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The Fuel Transparency Act is now official.
The new legislation passed late yesterday, that will force gas suppliers in B.C. to reveal how prices are set.
That includes a reporting schedule on things like refined fuel imports and exports, volume, source, destination and mode of transport, refinery and terminal volumes, and wholesale and retail prices.
Minister of Jobs, Trade and Technology, Bruce Ralston, said drivers 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,” Ralston said.
Courtenay-Comox MLA Ronna-Rae Leonard said people are tired of being ripped off whenever they fill up their vehicle.
“It’s becoming clear that it’s fuel companies that are jacking up the price at the pumps,” Leonard said.
“Recently, the B.C. Utilities Commission identified a 10-13 cent premium being charged to British Columbians that industry refused to explain. If there’s a reason for this increase, oil and gas companies need to prove it. This legislation will require companies to answer for how their prices are set, so they will be publicly accountable for unfair mark ups.”
Ralston said people are finding it “incredibly frustrating” to watch the prices of gas “shoot up for no reason.”
“Moving forward, this legislation will also produce a common set of facts, allowing us to evaluate if other policy measures are needed.”
He added that safeguards are now 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.”