B.C.’s fuel suppliers to publish prices to provide accountability: minister

Bruce Ralston says move will ensure industry publicly accountable for unexplained prices increases

Mandatory reporting requirements are being imposed on wholesale gasoline and diesel fuel suppliers in British Columbia to ensure transparency and accountability on pricing.

Bruce Ralston, minister of energy, mines and petroleum resources, says companies that import, purchase, store and distribute gasoline and diesel to be sold at retail stations must regularly report to the B.C. Utilities Commission.

Each report must include details covering fuel imports, storage capacity, bulk sales and wholesale prices.

Ralston says the reports amount to “pulling back the curtain,” and will ensure the industry is held publicly accountable for unexplained markups and prices increases.

RELATED: B.C. to track gas prices in four B.C. communities this summer

RELATED: Greater Victoria gas prices dip to lows not seen since February 2016

The reporting requirements follow an investigation into fuel prices in B.C., that Ralston says determined the gasoline market is “not truly competitive,” and was responsible for an unexplained 13-cent per litre premium.

B.C. passed the Fuel Price Transparency Act last year and in March the utilities commission was declared the independent administrator of the act, with authority to collect and publish data on fuel pricing in order to promote competition in the market.

“When a company feels that people are looking over your shoulder, they are much more likely to be cautious in advancing unexplained spurts in prices that they were not obliged to explain in the past,” Ralston said during a news conference on Friday.

Submission of the reports will start in October and the data is expected to be available to the public in November.

The utilities commission has also launched a website at gaspricesbc.ca to provide the public with information about factors that influence fuel prices.

This is a process that has been used in Australia, New Zealand, and Washington and Oregon states, said Ralston.

The requested details are already collected by wholesale fuel suppliers so it will not be onerous for them to collect and provide to the B.C. Utilities Commission, Ralston said.

“The step to regulate prices directly is a big step,” he said, noting the New Democrat government is not considering fines or other measures to force lower gas prices.

“What I would like to do is to see how the requirement to publish the wholesale prices works out and what effect it may have on prices and then we will consider whether there are further steps necessary.”

—The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Pandemic reunites 2000s era Victoria rock band The Origin

Saanich musicians recording for first time since 2008

Local authors nominated for Victoria Book Prize awards

Finalists for 2020 announced in two categories

Patrick brothers who shaped modern hockey also tried, but failed, to remove violence

New history thesis shows efforts to sell a “clean game” in Oak Bay

Central Saanich to formally inform Agricultural Land Commission about soccer pitch proposal

Move is meant for information only with no application having come forward yet

B.C. or Ontario? Residential school survivors fight move of court battle

It’s now up to Ontario’s Court of Appeal to sort out the venue question

POLL: Do you plan on allowing your children to go trick or treating this year?

This popular annual social time will look quite different this year due to COVID-19

B.C. transportation minister will not seek re-election

Claire Trevena has held the position since 2017

Body discovered floating in water near Lasqueti Island

JRCC reports personnel aboard fishing vessel made the find

Young B.C. cancer survivor rides 105-km with Terry Fox’s brother

Jacob Bredenhof and Darrell Fox’s cycling trek raises almost $90,000 for cancer research

B.C. migrant, undocumented workers rally for permanent residency program

Rally is part of the Amnesty for Undocumented Workers Campaign led by the Migrant Workers Centre

Preparations underway for pandemic election in Saskatchewan and maybe B.C.

Administrators in B.C. and around the country are also looking to expand voting by mail during the pandemic

Nearly 20 per cent of COVID-19 infections among health-care workers by late July

WHO acknowledged the possibility that COVID-19 might be spread in the air under certain conditions

Ferry riders say lower fares are what’s most needed to improve service

Provincial government announces findings of public engagement process

Most Read