Changes to improve transparency into how our gas prices are set have received Royal Assent.

The adjustments to the Petroleum Products Act were brought forward in the House of Assembly in mid-May, with the aim to improve transparency in the fuel pricing process regulated by the PUB.

According to the new regulations, the PUB must make the maximum wholesale and retail prices public, as well as the total allowed markup between the wholesale and retail price. The procedure for determining the adjustments to the petroleum base wholesale and retail price must also be made public.

Additionally, the amendments allow the Minister of Digital Government and Service NL to direct the PUB to review all fuel-pricing components.

Government says there will be increased opportunities for the public to express opinions directly to the PUB on the pricing process through public hearings directed by the minister.

The minister has written the PUB requesting a review of the suitability of the pricing mechanism for benchmark prices, as well as the maximum mark-up between wholesale and retail. The utilities board has been directed to hold a public hearing to inform the review.