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 Setting a price ceiling for automotive and heating fuels will bring stability for consumers when a regulated market begins in New Brunswick on Saturday, July 1.
The Minister of Energy will set the first price of the regulated market, and subsequent prices – adjusted every 14 days – will be set by the Public Utilities Board until the new Energy and Utilities Board is created this fall.
To protect consumers and industry, the regulation contains price-adjustment formulas to intervene if there is a sudden movement in benchmark prices.
Key points for regulation :
- a ceiling price will be set based on New York Harbour gasoline prices, an industry standard;
- there is no minimum price set for retailers;
- a price interruption formula is in place in the event of dramatic changes to world prices either upward, or downward; and
- prices will be posted on the Public Utilities Board website every 14 days.
Maximum Prices :
Current maximum fuel prices are determined by the N.B. Public Utilities Board. (click here for latest update) |
