By Canadian Press

‘No simple solution’ to gas prices; B.C. has no tax reduction plans: Farnworth

Mar 7, 2022 | 2:08 PM

VICTORIA — British Columbia’s minister of public safety says the province has no plans to follow Alberta’s lead to reduce its tax on gasoline to ease rising prices at the pumps.

Mike Farnworth told a news conference Monday gas prices are driven by events outside of provincial control, such as the Russian invasion of Ukraine, which has upset energy markets around the world.

Alberta has responded by reducing its tax by 13-cents per litre on both gasoline and diesel.

Farnworth says there’s no simple solution to the rising fuel price situation as the cost rose above $2 a litre in Metro Vancouver.

He says economists have noted that fuel companies don’t simply raise prices to take advantage of the margin.

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Farnworth says the only planned gas price increase in the province is a hike in the carbon tax at one-cent per litre starting April 1.

“The reality is that there is significant instability in the energy markets on a global basis, directly related to the invasion of Ukraine by Russia,” he says.

Alberta Premier Jason Kenney said Monday residents need relief from increasing costs.

Kenney also announced the government would give $150 rebates on electricity bills starting April 1. 

This report by The Canadian Press was first published March 7, 2022.

The Canadian Press