Government Request

On June 7, 2022 the Honourable Sarah Stoodley, Minister of Digital Government and Service NL, wrote the Board requesting a review of the following matters with respect to petroleum products pricing:

1. the suitability of the pricing mechanism for benchmark prices; and
2. the maximum markup between the wholesale price to the retailer and the retail price to the consumer for all regulated fuels (both of which comprise the total allowed markup).

The Board was also directed to hold a hearing as part of this review to enable direct public input from residents throughout the Province, through both in-person and written and electronic correspondence. The Minister’s request is available here.

Board Consultant

A consultant, Kalibrate Canada Inc., was engaged for Phase I.

A consultant, R Cube Economic Consulting Inc., was engaged for Phase II and Phase III.

Work Plan and Issues list

The review will be conducted in three phases:

• Phase I identified the issues in the review.
• Phase II will examine supply dynamics, pricing benchmarks and wholesale markups.
• Phase III will examine retail mark-ups and related issues.

Phase I of the review has concluded and Phases II and III are underway.

The original work plan and schedule for the review can be found here; the schedule is currently under review.

The issues list for the review can be found here