Gas prices soaring in Ontario as Opposition NDP introduces regulation bill
BNN Bloomberg
Gas prices in Ontario are soaring at $1.60 or higher and are set to keep rising, and the Opposition New Democrats are introducing a private member's bill that would regulate the cost of petroleum.
Gas prices in Ontario are soaring at $1.60 or higher and are set to keep rising, and the Opposition New Democrats are introducing a private member's bill that would regulate the cost of petroleum.
The NDP has tried on two previous occasions to get the bill passed, though the energy minister says it wouldn't actually lower costs for drivers.
The bill would give the Ontario Energy Board power to regulate the retail price and wholesale mark-up on petroleum products, which NDP Leader Andrea Horwath says would prevent "gouging" at the pumps.
But Energy Minister Todd Smith says OEB studies show that regulation doesn't lower gas prices.
Instead, Smith is calling on the federal government to stop planned increases to the carbon tax, saying it would help give people a break at the pumps.
The Progressive Conservatives promised during the 2018 election to lower the provincial fuel tax by 5.7 cents, but are now saying they'll do that if the federal government also lowers taxes on gas.
