VICTORIA - Oil and gas companies in British Columbia would be forced by law to reveal how gas prices are set in the province if new legislation introduced today is passed.
Jobs Minister Bruce Ralston says the Fuel Price Transparency Act would allow the B.C. Utilities Commission to collect information from fuel companies on market conditions involved in setting gasoline prices.
The B.C. government asked the independent utilities commission last summer to examine fuel prices in the province as gasoline costs in Metro Vancouver were consistently the highest in Canada, reaching $1.70 per litre and above.
The commission found substantial price increases in B.C.'s gasoline market, including a cost of about 13 cents per litre charged to drivers that the industry was unable to explain.
Ralston says that unexplained premium results in residents and businesses in B.C. paying an extra $490 million every year for fuel.
He says the act will require companies to share data on refined fuel imports and exports, fuel volumes at refineries and terminals and wholesale and retail prices.
