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Nova Scotia to Regulate Gas and Diesel Fuels, Effective July 1 |
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Written by NS Government
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Wednesday, 03 May 2006 |
The provincial government will regulate gas and diesel fuel prices in Nova Scotia, effective July 1. "Nova Scotians want more stable gas prices and they want to know those prices are justified," Richard Hurlburt, Minister of Service Nova Scotia and Municipal Relations, said today, May 3. The minister confirmed that the Utility and Review Board (UARB) will assume responsibility for setting the price of gasoline and diesel fuel after a hearing process later this fall.
"Nova Scotia will soon be the only province east of Ontario that does not regulate gasoline and that's a reality we have to respond to," Mr. Hurlburt said, adding that Service Nova Scotia and Municipal Relations will act as the interim regulator until the UARB process is in place.
The Nova Scotia regulations will be based on the P.E.I. model, but will contain some adjustments to reflect the unique nature of the Nova Scotia marketplace. One of these will be an interrupter formula designed to respond to market changes and provide consumers, retailers, and wholesalers with fair prices.
Regulation will hold gas and diesel prices steady in two week intervals and consumers will know when the prices will change.
Regulation will also help provide small and independent gasoline retailers with stable margins so that gasoline dealers will continue to be viable in communities throughout Nova Scotia.
"Certainly the world changes every day, just like gasoline prices. As government, we have to continually review the situation and make the changes that are best for the public once you balance all sides of the equation," Mr. Hurlburt said.
The regulatory regime, once put in place by the UARB, will be reviewed annually. |
