Vancouver, March 25: B.C. drivers impacted by high gas prices will soon receive a rebate from the province, Premier John Horgan announced Friday.
Most drivers who had a basic auto insurance policy with the Insurance Corporation of British Columbia in February will receive a $110 payment, Horgan said.
Commercial ICBC customers will get a rebate of $165 because their gas expenses are often higher, Solicitor General Mike Farnworth said, adding that the amounts were decided based on ICBC’s financial standing.
Gas prices hit an all-time high two weeks ago, reaching 214.9 cents per litre at many Metro Vancouver stations.
Experts have said oil prices, ongoing supply issues, and the Russian invasion of Ukraine are all driving up the cost.
The rebate is expected to cost $395 million. Those who are eligible to receive a payment will get it in May if they are signed up for direct deposit with ICBC. Those who aren’t will receive a cheque in June.
“We are not out of the woods yet. We are in for a time of instability here in British Columbia,” Horgan said. “We want to ensure that we’re able to respond.”
Unlike B.C.’s eastern neighbour, the province did not announce a tax cut to further offset gas costs. At the start of the month, Alberta unveiled a plan to reduce tax on gas by 13 cents per litre to ease rising prices in that province.