Most drivers who had a basic car insurance policy with Insurance Corporation of British Columbia in February will receive $ 110 payment, Horgan said. ICBC commercial customers will receive a $ 165 rebate because their gas costs are often higher, Attorney General Mike Farnworth said, adding that the amounts were decided based on ICBC’s financial situation. The discount is valid for drivers of electric vehicles, the province confirmed. Speaking of history, the prime minister’s office said the discounts were not broken down by vehicle type to avoid delays and encouraged electric vehicle owners who did not need the discount to donate it. Gas prices hit an all-time high two weeks ago, reaching 214.9 cents a liter at several Vancouver Metro stations. Experts say oil prices, ongoing supply problems and the Russian invasion of Ukraine are increasing costs. “We are not out of the forest yet. We are in a period of instability here in British Columbia,” Horgan said. “We want to ensure that we will be able to respond.” The discount is expected to cost $ 395 million. Those eligible to receive payment will receive it in May if they register for direct deposit at ICBC. Those who are not will receive a check in June.
NO TAX EXEMPTION
Unlike its eastern neighbor BC, the province has not announced tax cuts to further offset the cost of gas. Earlier this month, Alberta unveiled a plan to reduce its gas tax by 13 cents per liter to ease price increases in the province. “We checked the taxes on the pump. There are people in the community who think this would be the best course of action,” Horgan said. “But we had advice from economists (from the University of British Columbia) and others who informed us that the reduction in taxes on the pump would only be replaced by an increase in the price of goods.” Horgan also defended the province’s slowest response, acknowledging that the government “did not act quickly”. “We acted prudently,” he said. “We made sure we waited until the end of the financial year for ICBC to have a clearer picture of its financial situation. That’s responsible.”
TRANSPARENCY CARBON TAX INCREASE
Despite unprecedented gas prices, the provincial government continues to increase the BC carbon tax by one cent, raising it to 11 cents per liter on April 1. “Metro Vancouver can no longer be the punching bag for North America by being the international girls guide or boy detectors with the highest prices, because we want to send a message that we are green and modern,” Dan said. McTeague, gas analyst. and president of the Canadians for Affordable Energy, before the discount was announced. McTeague said the province needs to be more realistic in its approach to reducing fossil fuel use. “We are now able to talk less about the environmental climate crisis, we are now dealing with a complete global security crisis, which I think is paramount,” McTig said.
A “SUBJECT” DESIGN.
Opposition members of the Liberals’ party called the announcement “mandatory”. “Honestly, what we saw was an insurance deduction being portrayed as a gas tax deduction, which it certainly is not,” said Peter Milobar, a critic of the official opposition to finance. Milobar argued that the way the discount was distributed was not fair and did not meet the needs of low- and middle-income families. “For the prime minister to build it as a gas relief project is just insincere,” he said. He stressed that owners of electric vehicles, who do not pay at the pump, will receive the same checks. “The fact that a single parent who works two jobs and drives a Honda Civic receives the same one-time discount as a Tesla owner is ridiculous,” Milobar said. The Liberals are urging the NDP to use pre-existing carbon credits through the BC Climate Action Tax Credit. They argue that the route would benefit British Colombians at a lower and middle income than those with higher taxes and that checks would be issued earlier.
WHAT TO WAIT FOR AT THE PUMP
Along with the incoming discount, there may be other short-term relief on the road to the pumps. Dan McTeague, a gas price analyst, said drivers could expect prices to fall three cents on Saturday and again on Sunday. He believes the market is following a wait-and-see approach and gas prices may be in a bearish pattern for the next two weeks. “I think the best-case scenario is to stay in the $ 1.90 range, but it will more than likely be well over $ 2 a liter unless something dramatic happens,” he said.
