Breaking down gas prices
Wayne Moore - Jul 30, 2020 - Biz Releases

It’s no secret the No. 1 complaint among motorists is what they see as price gouging at the gas pumps.

Why do prices seem to always rise before a long weekend? Why do prices seem to rise quickly when the world price of oil goes up, but fall slowly when the barrel price goes down?

Those complaints have been levelled at the gasoline industry for years.

In an effort to provide the public with more transparency, the BC Utilities Commission has added more features to its data collection website.

The website, created from the Fuel Price Transparency Act passed by the province at the end of 2018, provides information required from companies on how fuel prices are set in the province.

Generic pricing data has now been expanded to include information pertaining to select cities across the province based on the volume of public feedback.

These include pricing breakdowns for five cities within the Southern Interior: Kelowna, West Kelowna, Vernon, Kamloops and Revelstoke.

The detailed breakdowns include the crude price, refining and retail margins and taxes retailers pay for a lite of both regular gas and diesel.

Prices are adjusted weekly.

The comprehensive dashboard also includes a weekly price view, a fuel price comparison and average prices by city.

The BCUC is responsible for collecting and publishing data recorded on the new site.

Data will be collected until Sept. 30, and updated at regular intervals.

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