The amount of gasoline each retail outlet in the province sells, the grade, and at what price, will soon be tracked electronically and reported directly to regulators.
“We need marketplace intelligence and quality, up-to-date information to ensure consumer protection, and to make informed policy decisions around gas regulation,” said Service Nova Scotia Minister Mark Furey. “We are making it easier for retailers to provide this information by avoiding a cumbersome process and red tape.”
Petroleum Price Volume Tracking allows government to collect consistent data from retailers and wholesalers to help evaluate gas price regulation and other policy decisions. Nova Scotia is the first jurisdiction in North America to track petroleum sales this way.
The tracking will collect the following transaction information from every retail location in the province:
— fuel type (regular, mid-grade, premium and diesel)
— volume (litres)
— revenue
— pump price (cents per litre)
— service type (self or full serve)
“Anything and everything that can be done to better understand what is happening in the retail gasoline industry in the province is a positive step because things are changing rapidly,” said Graham Conrad, executive director of the Retail Gasoline Dealers’ Association. “This is helpful because it will give regulators an opportunity to learn, first-hand, what is going on with volumes and pricing.”
The tracking system will take 18 to 24 months to implement at all retail outlets. It will cost about $1.25 million, which will be funded from existing industry fees, with no impact on gas prices.
It will be automated, requiring little or no work by the retailer, and will address many data collection challenges with better pricing and retail margin information.
The tracking has been piloted at two locations and a request for proposals will be issued to implement it provincewide.
Source: Release