BCUC Proactively Monitoring Fuel Pricing Behaviours

VANCOUVER, BC, March 17, 2022 /CNW/ - Today, the British Columbia Utilities Commission (BCUC) announced it will be conducting additional monitoring of retail and wholesale price margins to ensure that fuel companies are not taking advantage of current market conditions. As the Administrator of British Columbia's (BC) Fuel Price Transparency Act (FPT Act), the BCUC is doing its part to monitor fuel pricing behaviours, in an effort to confirm the fuel industry is not profiteering from recent events and unfairly increasing the price of fuel for consumers.

Rising fuel prices are a concern for all drivers across the province. The BCUC continues to track and monitor factors that are influencing fuel prices, including the comparison of daily fuel prices to crude oil prices. To date, the BCUC has observed that recent increases correlate to changes in the global energy market that are impacting the price of crude oil, due to the conflict in eastern Europe. This additional monitoring will ensure pricing behaviours continue to reflect market conditions.

The BCUC will be selecting a sample of retail stations from all regions across the province that will be required to submit monthly statements for their fuel sales and margins for February and March 2021 and February and March 2022. Once all the data has been received, the BCUC will review it and share its observations in a public report. The BCUC will also provide more frequent updates on GasPricesBC.ca, including how wholesale and retail fuel prices in BC compare to other regions. Where anomalies are observed, the BCUC will be requesting further information from industry to provide clarity.

The BCUC is also in the process of enhancing its engagement with consumers and industry experts to identify anomalies that warrant further investigation. More information on this will be available in the near future. In the meantime, updates will be shared on GasPricesBC.ca/SpecialProjects. This work is in addition to the BCUC's ongoing initiatives including its data exploration projects, retail pilot, and FPT regulations. For more information about the work the BCUC is doing with respect to the FPT Act, visit: GasPricesBC.ca.

Background

As Administrator of BC's FPT Act, the BCUC is responsible for collecting and publishing information about gasoline and diesel fuel activities in BC, in an effort to promote competitiveness, and public confidence in the competitiveness of the fuel market.

About the BCUC

The BCUC is an independent regulatory body, responsible for regulating BC's energy utilities, as well as its compulsory automobile insurance rates, and intra-provincial pipeline rates. The BCUC is also responsible for administering BC's Fuel Price Transparency Act. It is the BCUC's role to balance the interests of customers with the interests of the businesses it regulates. The BCUC carries out fair and transparent reviews of matters within its jurisdiction and considers public input where public interest is impacted.

SOURCE British Columbia Utilities Commission

Krissy Van Loon, Manager, Communications, Phone: [phone], Email: [email protected]