As promised by Prime Minister Harper during Election 2011, the Standing Committee on Industry Science and Technology studied “The Fluctuation of Gas prices.”
During the proceedings MPs testimony was given by the Canadian Independent Petroleum Marketers Association, who said that its members are notified by their suppliers each day between 3pm and 3:30pm of the price for various fuels for the next day at the ‘Rack’. This is known as Rack pricing, that is, the price at the loading rack. They have supply contracts with a major refiner, as a way to ensure reliable supply of product to meet their business needs. Upon receiving notice of rack prices for the next day, independent marketers determine their purchasing tactics.
Representatives of the petroleum industry were emphatic that they did not jack the prices, gouging customers on long weekends, but it seems that they are back at it.
I would like to know if you observe gas gouging over this holiday weekend.