New Brunswick Government Conducting Secret Review of Petroleum Price Controls
New Brunswick’s government is currently conducting a review of the petroleum price controls put in place by the Energy and Utilities Board. The review aims to determine whether to lift the ceilings on petroleum prices that have been in effect for the past 18 years. Premier Blaine Higgs has hinted at his dissatisfaction with the current pricing system and has mentioned the possibility of ending the regulated pricing rules.
Despite the government’s acknowledgment of the review, very little information has been released to the public. Requests for details regarding the investigation have gone unanswered, leaving many stakeholders in the energy sector unaware of the proceedings. Both the Canadian Fuels Association and Opposition Leader Susan Holt have expressed concerns about the lack of transparency surrounding the review, emphasizing the importance of public involvement in the decision-making process.
While Nova Scotia and Prince Edward Island have strict regulations in place dictating petroleum prices, New Brunswick’s system allows for more flexibility and competition among retailers. This has resulted in lower prices for consumers in New Brunswick compared to their Maritime counterparts. However, critics argue that the price ceiling in New Brunswick may not always reflect market conditions, leading to challenges for gasoline retailers and oil companies.
Premier Higgs has suggested that ending the policy of setting petroleum price limits could streamline the operations of the Energy and Utilities Board and reduce regulatory burdens. Despite concerns raised by industry experts, the government is actively considering the possibility of eliminating the pricing controls in New Brunswick.
The debate over petroleum price controls in New Brunswick raises questions about the balance between regulation and free market principles in the energy sector. As stakeholders await further developments, the outcome of the government’s review could have significant implications for consumers, businesses, and the overall energy market in the province.
**Biography of Robert Jones:**
Robert Jones has been a reporter and producer with CBC New Brunswick since 1990. His investigative reports on petroleum pricing in New Brunswick have won several regional and national awards, leading to the adoption of price regulation in 2006.