Question: 8 
What is the difference between benchmark prices and maximum prices and how are benchmark prices determined?

The benchmark price is the component of the maximum price which is intended to reflect the price of the product paid by suppliers. Maximum prices include the benchmark price as well as the mark-ups, zone differentials and taxation.

Benchmark prices are calculated in the manner set out in the regulations based on the data sources set out in the regulations. These prices are calculated using an average of the product prices for the reported benchmark since the last adjustment, converted to Canadian cents per litre based on the daily exchange rates published by the Bank of Canada. For example, the regular weekly Thursday adjustment of the maximum prices for gasoline reflects the average of the average of the daily high and low Platts New York Harbour Unleaded 87 (Cargo) data for the previous Wednesday to Tuesday seven-day period, converted to Canadian cents per litre. As benchmark prices reflect an average of the data since the last adjustment, the established maximum prices may be different than the daily prices at the time of the adjustment.

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