Image Credit: CFJC Today

By Ashley Legassic

GAS PRICES

Province releases guidelines for investigation into soaring gasoline prices

May 21, 2019 | 11:14 AM

VICTORIA — B.C.’s provincial government has released guidelines for the investigation into soaring gas prices.

In a news release, the province released its terms of reference that will guide the BC Utilities Commission’s (BCUC) investigation into what is behind the high, volatile gasoline prices in the province.

“The rapid increase in gas prices in B.C. is alarming, increasingly out of line with the rest of Canada, and people in B.C. deserve answers,” said Premier John Horgan in a news release. “We asked the BCUC to conduct a fair, transparent and comprehensive independent investigation. These terms provide the broad reach it needs to find answers and give recommendations to inform the path forward.”

The BCUC has a number of powers it can exercise during the investigation, including compelling oil companies as witnesses to explain their prices to the commission.

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Through the review’s terms of reference, the BCUC has been asked to:

• Examine market factors that affect wholesale and retail prices in B.C.
• Investigate gasoline price fluctuations, including the extent of possible competition concerns, such as price fixing and gouging
• Explain the difference in refining margins between B.C. and the rest of the country, including why in recent months refining margins for Vancouver were more than double the Canadian average
• Explain the regional difference in retails margins within B.C.
• Review the potential of regulatory measures used in other jurisdictions across Canada and North America to enhance transparency about how prices are determined

Earlier this month, Horgan asked the BCUC to investigate gas prices in the province. The final report is required by Aug. 30.