The British Columbia Utilities Commission (BCUC) is conducting a data exploration project that includes Metro Vancouver and Squamish.
As part of this project, the BCUC is gathering cost and revenue data from wholesale fuel marketers, and elect retail stations in Metro Vancouver, Revelstoke, Powell River, and Squamish.
The gas stations selected in Squamish and other locations will be required to submit monthly statements for their fuel sales and margins for February and March 2021 and February and March 2022. Once all the data has been received, the BCUC will review it and share its observations in a public report.
“The BCUC continues to track and monitor factors that are influencing fuel prices, including the comparison of daily fuel prices to crude oil prices,” the commission said.
“To date, the BCUC has observed that recent increases correlate to changes in the global energy market that are impacting the price of crude oil, due to the conflict in Eastern Europe. This additional monitoring will ensure pricing behaviours continue to reflect market conditions.”
The BCUC said it is also in the process of enhancing engagement with consumers and industry experts to identify anomalies, and more information will be available in the near future.