🛢️ OfReg moves towards fuel price transparency

The Utility Regulation and Competition Office (OfReg) is drafting changes to the law that will allow it to publish fuel prices as they arrive. The interim CEO of OfReg, Peter Gough, announced this to the Finance Committee. The regulator is also starting an initiative to provide regulatory accounts that reveal the profit each gas station makes per gallon of fuel. This is part of an effort to improve transparency in the fuel industry. Despite being established over six years ago to address fuel price concerns, OfReg is still working on these issues.

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OfReg's executive director, Louis Boucher, noted that licensees were hesitant to provide the regulatory accounts, but the office is persisting in obtaining this information. Boucher acknowledged that it was OfReg's responsibility to secure information about price discrepancies and that they were nearing a point where they would have more pricing details. The Finance Committee also learned that OfReg now has the ability to test fuel on the island, eliminating the need to send samples to the United States. This was made possible through the acquisition of a portable fuel analyser, which will improve fuel compliance and quality assurance monitoring.

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