Gas prices were highest in Squamish and Powell River in the three months sample data collected by the British Columbia Utilities Commission.
The commission released its report today.
The commission has been studying retail fuel pricing and collected data from July 2020 to December 2021 for this report.
The report makes some key observations about Squamish.
It notes that while wholesale gas price does effect price at gas stations, the retail price in Squamish appears to be ‘somewhat less responsive’ to changes in the wholesale price.
The report also finds that the daily percentage change for gas prices in Squamish appears to typically fluctuate more on weekends than on weekdays.
BCUC collected retail fuel data for Kamloops, Kelowna, West Kelowna, Port Alberni, Powell River, Revelstoke, Squamish and Vernon, as well as Langley, Nanaimo and Metro Vancouver for comparative purposes.
The commission said the results of the data validate the experiences of customers.
One of the finding was that retail prices for regular gas and diesel fluctuate throughout the day, and price difference between two cities are not always consistent.
“Retail prices in regions adjacent to regions with higher fuel taxes (e.g., Vancouver) exhibit similar pump prices to those in higher tax regions despite lower tax rates (e.g., Squamish),” the report says.
Here are some things BCUC says it will further explore to enhance price transparency.
It will look at the actual price of fuel purchased by retailers and its origin, and study the impact of the number of stations per city on retail prices.
It will also explore the impact of market concentration of suppliers and retailers and the impact on pump prices, and gather information on the relationship between retailers and their suppliers.
The commission also plans to look at measuring the effects of intraday price fluctuations on the overall price of fuel and studying market dynamics of areas where gas is being sold below cost by the gas pump retailer.
Robert says
Squamish unfortunately, is the provinces’ biggest drive-thru. Try getting groceries here after the shelves have been picked clean by people coming through here thinking it’s cheaper here than where they came from or where they’re going, where in reality it’s more expensive than either.
Alex says
I have yet to see any explanation as to why all the gas stations move their prices within seconds of each other.