After the B.C. Government passed the Fuel Price Transparency Act (FPTA) in fall 2019, the mandatory reporting requirements officially come into effect on Friday for the wholesale market.
“For years, British Columbians have felt like they are getting gouged when they fill up at the pump. That’s why our government asked our independent energy watchdog to do an investigation into gas prices,” said Bruce Ralston, Minister of Energy, Mines and Petroleum Resources.
Ralston said the inquiry by the British Columbia Utilities Commission (BCUC) found a “lack of competition and significant markups” throughout B.C., which included an unexplained 13 cent per-litre premium charged to drivers. Ralson said the additional charges resulted in an extra $490 million being paid by British Columbians per year.
The regulations target the wholesale market. The B.C. Government said all companies that import, purchase, store and distribute gasoline and diesel products intended for sale at retail stations will need to make regular reports starting for the month of October to the BCUC. Those reports will include detailed data on fuel imports, storage capacity, wholesale prices, and bulk sales.
“We know that from the BCUC’s investigation into gas prices that four companies control around 90% of the wholesale market in southern B.C.,” Ralston said. “By pulling back the curtain, the action we are taking today (Friday) will help ensure industry is held publicly accountable for unexplained markups and prices increases.”
The BCUC was named as the independent administrator of the Fuel Price Transparency Act back in March 2020 and given the power to collect and publish all fuel pricing information and data.
A website has since been launched by the BCUC to provide the public with that information.
MORE: Information and Data on B.C. Gas Prices (British Columbia Utilities Commission)
Ralston noted that further regulations are also being developed for the other parts of the fuel supply chain, which include all of those in the retail market, but that the current reporting requirements are just for the wholesale market.