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Newfoundland and Labrador
Regulation 2019


NEWFOUNDLAND AND LABRADOR REGULATION 82/19

NEWFOUNDLAND AND LABRADOR
REGULATION 82/19

Petroleum Products Regulations (Amendment)
under the
Petroleum Products Act
(O.C. 2019-282)

(Filed November 28, 2019)

Under the authority of section 23 of the Petroleum Products Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, November 26, 2019.

Krista Quinlan
Deputy Clerk of the Executive Council

REGULATIONS

Analysis


1.  S.2 Amdt.
Definitions

2.  S.14 Amdt.
Periodic adjustment timing

        3.   Sch. Amdt.


NLR 79/01
as amended

        1. (1) Section 2 of the Petroleum Products Regulations is amended by adding immediately after paragraph (a) the following:

       (a.01)  "alternative benchmark" means, with respect to a type, grade or component of heating fuel or motor fuel, a reported product price assessment other than the reported product price assessments set out in the Schedule;

             (2)  Paragraph 2(a.1) of the regulations is repealed and the following substituted:

         (a.1)  "benchmark" means, with respect to a type, grade or component of heating fuel or motor fuel,

                      (i)  the reported product price assessment by Platts and by Bloombergs or OPIS in the case of propane, and as set out in the Schedule, and

                     (ii)  notwithstanding subparagraph (i), with respect to mid-grade and premium unleaded gasoline, the product price assessment for Unl 87;

             (3)  Section 2 of the regulations is amended by adding immediately after paragraph (d) the following:

         (d.1)  "OPIS" means Oil Price Information Service price report;

 

        2. Section 14 of the regulations is amended by renumbering subsection (2.3) as subsection (2.6) and adding immediately before that subsection the following:

         (2.3)  Notwithstanding subsection (2), on or after November 29, 2019 the benchmark price for propane shall be adjusted to be the weekly average price for propane as reported in OPIS during the period immediately following the date on which the benchmark price was last adjusted.

         (2.4)  Notwithstanding the other provisions of this section, where a benchmark set out in the Schedule is eliminated, renamed, or changed significantly in its calculation method or content as determined by the board, the board may use an alternative benchmark for up to one year to adjust the benchmark price for the type of motor fuel or heating fuel.

         (2.5)  Where the board adjusts a benchmark price using an alternative benchmark in accordance with subsection (2.4) the board shall notify the minister within 2 business days of the first day on which the benchmark price was adjusted using the alternative benchmark.

        3. The Schedule to the regulations is amended by adding immediately after the line "Bloomberg Oil Buyers Guide US Propane Contract Postings Sarnia", the following: "Oil Price Information Service price report".