Author of the article: Date of publication: 25 Mar 2022 • 17 hours ago • 2 minutes reading • 111 Comments Your eyes do not cheat. This is a gas station in North Vancouver that sells gas for more than $ 2 a liter. This is the first time gasoline in a major Canadian market has ever broken the $ 2 mark. Photo by Taehoon Kim / Bloomberg
Content of the article
VICTORIA – British Columbia is offering a one-off relief discount to help drivers cope with the cost of rising fuel prices caused by Russia’s invasion of Ukraine, Prime Minister John Horgan announced on Friday.
Content of the article
Horgan said the provincial government approached the Insurance Corporation of BC to provide drivers with a basic car insurance policy with a $ 110 discount and commercial drivers with $ 165. “Today, if we go to fill the pumps, sometimes we feel that it is a bit inadequate,” he told a news conference. “Prices are at unprecedented levels and these pump prices are a direct result of (Russian President) Vladimir Putin’s invasion of Ukraine.” Horgan said the lump sum payment is a better approach than lowering fuel taxes because the price will only rise again on pumps. He said the company is in a financial position to cover the cost of the $ 395 million discount. It forecasts $ 1.9 billion in annual net income for fiscal year 2021-22, which ends March 31.
Content of the article
In 2018, David Eby, who was then the minister in charge of the insurance company, compared the finances of the public car insurance company to a garbage fire. The NDP introduced legislation to prevent governments from sinking into company reserves “to cover their budgets,” Horgan said Friday. But the difference with the discount, he said, is that the money is returned to the contract holders, who finance the company. “This is a discount based on the company’s strong position,” Horgan said. Public Safety Secretary Mike Farnworth said drivers can expect the discount to be available in May. Alberta announced earlier this month that it was reducing its tax on gasoline to help residents cope with rising fuel costs. Prime Minister Jason Kenney said the price of the pump would drop by 13 cents per liter on April 1 for both petrol and diesel. Also, from April 1, the Alberta government will offer a $ 150 discount on electricity bills.
