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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.
North Island MLA, Claire Trevena, said B.C. drivers are frustrated when they see gas prices shoot up for no reason.
Trevena, who is also the Minister of Transportation and Infrastructure, said this bill will hold fuel suppliers accountable.
“It sends a message to oil and gas companies that you can’t set your prices in total secrecy,” Trevena said.
She said the data will be available to the public, consumers, and watchdog groups, who will be able to find out “where that mark-up is coming from.”
“People have learned that we are paying a huge markup here,” Trevena said. “In fact, across British Columbia, people are paying an extra $490 million a year on gas prices and it’s just patently unfair for people. Everybody wants to know why this is, so we have made sure that we are opening up and doing as best as we can to make the whole process transparent.”
Ralston added that safeguards are now in place to ensure that the information provided by the companies “is complete, accurate and reported regularly.”