Oil and gas companies in the wholesale market will have to start making regular, mandatory reports to the British Columbia Utility Commission.
The regulations that come into effect today will target the wholesale market, province said.
Companies that import, purchase, store and distribute gasoline and diesel products for retail sale must make regular reports starting in October.
The reports must include detailed information on fuel imports, storage capacity, bulk sales and wholesale prices.
“We know that four companies control around 90% of the wholesale market in southern B.C.,” said Bruce Ralston, Minister of Energy, Mines and Petroleum Resources.
“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.”
In June, the British Columbia Utilities Commission (BCUC) said it will investigate high gas prices in Squamish, and publish data on gas prices in town.
The British Columbia Utilities Commission (BCUC) has now created a New Developments page to feature fuel pricing data for Squamish and other cities in BC.
Visitors to the page can see how average fuel prices differ between cities in BC.
People can also compare daily fuel prices in Squamish to a city where the nearest wholesale fuel terminal is located, and view what affects fuel prices in the province.
The Province has brought in new mandatory reporting requirements for the wholesale market using the Fuel Price Transparency Act (FPTA) that was passed in fall 2019.
Patricia Marini says
Thanks just about time !