The weekly price adjustment for petroleum products is moving to Fridays from Thursdays.
The change comes as a result of new legislation passed by the provincial government.
An Act Respecting Petroleum Pricing was one of two dozen bills to receive royal assent on Friday.
In a statement on Tuesday, the Energy and Utilities Board (EUB) said the bill makes changes to several provisions of the Petroleum Products Pricing Act, including moving the weekly setting to Fridays instead of Thursdays.
The EUB said the method of establishing the benchmark price for each type of motor fuel and heating fuel is prescribed by regulation and the method is similar to how the benchmark was established before the amendments.
Another change is the addition of a cost of carbon adjustor and a market adjustor as components of the maximum wholesale and retail prices for motor fuel and heating fuel.
The board will seek submissions on the method for setting the cost of the carbon adjustor and it will start a consultation process regarding the methodology to be used in setting the market adjustor.
Drivers and homeowners should continue to expect unplanned changes to the cost of gas, diesel and home heating oil.
The EUB said the price of motor fuel and heating fuel may be adjusted outside of its weekly setting “at any time the Board considers appropriate, using criteria and procedure as determined by the Board.”
However, the EUB will now have more discretion when it comes to setting petroleum product prices. The board will establish a process for a review of the methodology used.
An order was issued by the EUB outlining the deadlines for submissions.
Anyone interested in making submissions on issues outlined above should contact the board at general@nbeub.ca to obtain information on filing a submission.
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