The province is forcing oil and gas companies to disclose to consumers how gas prices are set.

The fuel price transparency act will allow the BC Utilities Commission to collect information from these companies on market conditions involved in setting gas prices.

The act was developed after a BCUC investigation uncovered that a lack of competition and significant markups in BC’s gasoline market included a 10 to 13 cent-per-litre premium charged to drivers.

That premium, which the industry had no explanation for, means that British Columbians pay an additional $490 million dollars a year for gas.

The new legislation will require oil and gas companies to share data on refined fuel imports and exports, fuel volumes at refineries and terminals, along with wholesale and retail prices.

This information will be accessible to the public and both consumer and watchdog groups.