The Fuel Transparency Act is now official.

The new legislation passed late yesterday, that will force gas suppliers in B.C. to reveal how prices are set.

That includes a reporting schedule on things like refined fuel imports and exports, volume, source, destination and mode of transport, refinery and terminal volumes, and wholesale and retail prices.

Minister of Jobs, Trade and Technology, Bruce Ralston, said drivers can now expect more transparency in the prices of gasoline and diesel fuel.   

“The fuel price transparency act will allow the British Columbia Utilities Commission to collect information from oil and gas companies on the market conditions involved in setting prices,” Ralston explained.

“This act was developed in response to the commission’s investigation that found an unexplained 10- to 13-cent-per-litre premium charged at the pumps in British Columbia.”

Ralston said people are finding it “incredibly frustrating” to watch the prices of gas “shoot up for no reason.” 

“They are tired of feeling ripped off whenever they fill up their vehicles. This new legislation will make oil and gas companies accountable to British Columbians for unfair markups and will discourage cost increases that seemingly cannot be explained,” Ralston said.

“If there is a reason for charging premiums, prove it.”

“Moving forward, this legislation will also produce a common set of facts, allowing us to evaluate if other policy measures are needed.

He added that safeguards are now in place to ensure that the information provided by the companies “is complete, accurate and reported regularly.”

 The information will be made available to the public, including consumer and watchdog groups.”