VANCOUVER, BC, Sept. 20, 2021 /CNW/ - Today, the British Columbia Utilities Commission (BCUC) released its first Fuel Price Transparency Price Act (FPT Act) Newsletter, which is compiled by BCUC staff each month to provide fuel consumers with an update on the gasoline and diesel fuel market in British Columbia (BC). This first edition includes information about fuel pricing and fuel margin changes over the last month, key information about the fuel supply chain in BC, and updates on the BCUC's activities as Administrator of the FPT Act.
The BCUC will release an updated newsletter each month to bring clarity and transparency to the public regarding the fuel industry. As Administrator, the BCUC is responsible for collecting and publishing information about gasoline and diesel fuel activities in BC, to promote competitiveness and public confidence in the competitiveness of the fuel market. The BCUC does not regulate fuel prices in BC.
Bill 42 – The Fuel Price Transparency Act was introduced in the BC Legislature by Minister Bruce Ralston on November 18, 2019. The FPT Act requires companies to report information and data on their activities in the gasoline and diesel fuel market in BC. Bill 42 received Royal Assent and became law on November 27, 2019. On March 9, 2020, the BC government announced the BCUC as the Administrator of the FPT Act. The BC government's announcement is posted here.
On April 7, 2020, the BCUC launched GasPricesBC.ca. The website was developed as a first step in providing the public with more information about how gasoline and diesel prices are set in BC. Through a series of dashboards, GasPricesBC.ca displays publicly available data, which visitors can customize to view information based on geography or price components.
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
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