New Petroleum Products Act Increases Transparency of Fuel Costs

There will be more transparency on fuel prices as an act enacted by the provincial government has received Royal Assent.

The amendments require the PUB to make available to the public the maximum wholesale and retail prices, the minimum and maximum mark-up between the wholesale price and retail price (the total allowed markup), and the procedure for determining adjustments to the petroleum base wholesale and retail price.

The amendments also expand the authority of the Minister of Digital Government and Service NL and allow the minister to direct the PUB to review all fuel-pricing components, providing the government with increased opportunities to ensure appropriate pricing.

This new law will also allow residents to express opinions directly to the PUB on the fuel pricing process, through public hearings directed by the minister.