Eby promises plan to cut BC gas prices by up to 30 cents per litre if re-elected

With gas prices sitting around $2.04 per litre in Greater Victoria, BC NDP Leader David Eby is promising additional relief at the pumps if his party is re-elected.

Eby announced Thursday that an NDP government would temporarily suspend 10 cents per litre of BC’s provincial motor fuel tax on gasoline and diesel.

The proposal is part of a two-part plan the NDP says could reduce gas prices by as much as 30 cents per litre.

The second phase would introduce what the party calls a “price guard,” giving the BC Utilities Commission (BCUC) the ability to set a maximum price retailers can charge for gasoline and diesel.

That maximum price would be updated weekly based on changes in benchmark crude oil prices.

The NDP says the measure is intended to prevent prices at the pump from increasing significantly more than the underlying price of oil.

The proposed provincial tax cut would come on top of fuel tax relief already introduced by the federal government.

Ottawa suspended the federal fuel excise tax in April, removing 10 cents per litre from gasoline and four cents per litre from diesel. The federal government recently introduced legislation to extend the full suspension through January 31st, 2027.

From February 1st to March 31th, the federal tax is scheduled to return at half its normal rate before being fully restored on April 1st, 2027.

The federal government says gasoline prices dropped by 11 cents per litre on the first day its tax suspension took effect in April.

Eby’s proposed provincial reduction would therefore represent another 10 cents per litre in tax relief for gasoline drivers while the federal suspension remains in place.

The remaining potential savings under the NDP’s advertised 30-cent reduction would depend on the effect of its proposed price guard.

The NDP says the combined measures could save a typical two-vehicle household as much as $100 per month.

At a current price of around $2.04 per litre in Greater Victoria, a full 30-cent reduction would bring gasoline to roughly $1.74 per litre.

As of this publication, none of the parties running against the BC NDP have made a comment on the election promise.