The B.C. government is vowing to take action against record-breaking gas prices, but says freezing carbon tax increases or capping gas prices aren’t on the table.
Premier John Horgan will hold his weekly media availability at 1:15 p.m. on Thursday and is expected to take questions on the soaring price at the pumps.
Costs have spiked since Russia’s invasion of Ukraine, with Russia — the world’s third-largest oil producer — now under economic sanctions from countries in the United Kingdom and European Union, Canada, the United States and more.
Gas prices in Metro Vancouver are currently the highest in North America.
The cost increases have prompted some municipal and provincial politicians to urge the federal government to pause scheduled increases to its carbon tax.
Ontario Premier Doug Ford, meanwhile, has said he will “look into” a long-promised gas tax cut as the province’s New Democrats aim to introduce a bill that would regulate gas prices weekly.
New Brunswick already has legislation in place establishing a maximum price retailers can charge for gas. Normally, the maximum prices are set every week and the new price takes effect on Thursday mornings at 12:01 a.m.
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Ford says he will ‘look into’ gas price cut, calls out carbon tax for negating previous savings
In B.C., Energy Minister Bruce Ralston said the province is not considering freezing a provincial carbon price increase set for April 1, because he doesn’t think it would lead to any savings at the pumps.
“The prices at the pumps are higher in Squamish, where they don’t pay the tax — are higher than they are in West Vancouver — because the gas retailers in Squamish are rushing in to scoop it for themselves,” Ralston said Wednesday.
“[Gas retailers] won’t give it back to the consumers. That is very clear.”
In the past, the BC Liberals have pushed the province to establish a cap price to protect consumers, but Ralston said that’s off the table as well at the moment.
“For the government to step in to private market to set prices and fix prices is a major, major step. It could have unintended consequences. We don’t know what would happen if we did this,” he said.
“The gas companies could turn around and dry up supply and drive prices even higher. It is really something that could be considered but I am not considering that right now.”