The provincial government has introduced legislation intended to reduce the volatility of energy prices and enable retailers of petroleum products to recuperate their costs, while continuing to provide consumers with fair market prices.

An Act Respecting Petroleum Products Pricing is meant to ensure that customers are provided with the lowest price possible for petroleum products without jeopardizing the continuity of supply.

New Brunswick began regulating the price of petroleum products in July 2006 under the General Regulation of the Petroleum Products Pricing Act, however, Natural Resources and Energy Development Minister Mike Holland said the act and General Regulation have been less effective in the current market and make New Brunswick appear out of step with neighbouring provinces, making these amendments necessary.

One proposed amendment would give the Energy and Utilities Board discretion when it comes to setting prices for petroleum products. Holland said regulating petroleum products is becoming more difficult, and the strict formula used in the past is no longer an option. He added that new federal regulations in 2023 will create more uncertainty in regulated pricing.

Holland said, although these proposed changes would not help with the rising cost of energy, including petroleum products, they would mitigate some of the daily volatility.

The changes would take effect once the bill is passed in the legislature and receives royal assent.