Photo: Jon Manchester / File
The provincial government is adding a new layer of transparency to the price consumers pay at the pump.
Energy, Mines and Petroleum Resources Minister Bruce Ralston announced additional regulations on Friday morning that will allow consumers to monitor how prices are set at the wholesale level.
This is in addition to the information now available that breaks down the costs gas stations currently pay for a liter of gasoline at the pump.
The website and all data collected is carried out through the BC Utilities Commission.
“These new rules will place requirements on companies that import, purchase, store and distribute gasoline and diesel products into the wholesale fuel market in British Columbia. They will apply to fuel wholesalers who purchase and supply gasoline and diesel fuel for service stations that sell gasoline to drivers in British Columbia, ”said Ralston.
“Companies will need to start providing the BCUC with detailed information on their fuel imports, wholesale sales, wholesale prices and storage capacity on a regular basis. ”
Ralson says the first round of business submissions will be provided to the BCUC in October and should be made available to the public for review in November.
In previous BCUC investigations, Ralston says four companies control about 90% of the wholesale gas and diesel market in southern British Columbia.
He expects these new sets of requirements will hold companies “accountable for unfair mark-ups and cost increases that cannot be explained.”
“What we’re waiting for is scrutiny, public access to how prices are set will moderate and have an effect on prices,” said Ralston.
“I certainly think that when a company feels like people are looking over your shoulder, they’re much more likely to be cautious about pushing forward unexplained price spikes that they didn’t have to explain. in the past. “