Prices for gasoline at local pumps has continued to soar, upwards of 199.9 cents for regular gasoline in Nanaimo and the mid-Island. (Alex Rawnsley/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

GAS PRICES

Province offering one-time relief from increasing pain at the pump

Mar 25, 2022 | 9:38 AM

NANAIMO — For most, it will equate to a single tank of gas.

The provincial government, in conjunction with ICBC, have announced a one-time rebate of $110 to help with rising gas prices which show little sign of coming down any time soon. Commercial vehicle operators will see a rebate of $165.

Rebates will come through ICBC beginning in May, thanks in part to a net income for the public insurer of $1.9 billion through the fiscal year ending March 31, 2022.

“I think it’s a significant contribution at a very difficult time for drivers. As they look at the price at the pump to know there is relief on the way, I think is going to be positive news,” Premier John Horgan said during the Friday, March 25 announcement.

Those registered for direct deposits will see money into their accounts or as a refund on their credit cards first. Other customers will receive cheques in June.

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Rebates will be given to those with an active ICBC policy through February 2022. Total cost for the rebate will be $395 million.

Horgan said other provinces with public insurers had either already, or were looking at, taking similar steps and suggested this move will be better for people than Alberta’s planned price adjustment taking effect April 1.

“[Alberta’s plan] was based on the price of the commodity and it was going to be a direct tax reduction which would work out to about $5 a week,” Horgan said. “So $110 in a one-time fund or $5 a week as the Alberta situation is going to manifest itself, I think will be welcomed.”

Fuel prices in Nanaimo and across many parts of the province have risen steadily since the start of the year.

The first signal in what was to come came in January when a handful of area stations increased their pricing to between 167.9 and 179.9 cents per litre. Most stations in the region however remained closer to $1.55.

Two months later, prices jumped again to 189.9 cents per litre spurred on by conflict between Russia and Ukraine, along with pricier summer fuel.

Several stations capped pricing at 199.9 cents per litre in early March for regular fuel, however, more premium varieties went well over $2.00.

In a March 3 interview with NanaimoNewsNOW, Patrick De Haan with GasBuddy.com said $2.00 a litre is likely just the beginning.

“We could see gas prices continue to go up another 15 to 30 cents a litre between now and the start of the summer driving season [in] June. How long until we get there will depend on the global response to the rising prices.”

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