The New Brunswick Energy and Utilities Board sets the maximum prices for motor fuels and heating fuels each week.
The maximum prices are set using the weekly average spot price for refined petroleum products traded at the New York Harbour division of the New York Mercantile Exchange (NYMEX).
The Board sets the price based on a seven-day trading week, from Wednesday to the following Tuesday. The new maximum prices come into effect at 12:01 AM each Thursday morning. The prices are set using a strict formula set out in regulation and include wholesale and retail margins, delivery costs and all applicable taxes. The Board exercises no discretion when setting maximum petroleum prices.
The Petroleum Products Pricing Act authorizes the Board to make adjustments to the maximum wholesale and retail margins, the maximum delivery costs, and the maximum charge that motor fuel retailers can charge for full service. Since petroleum regulation commenced in July 2006, the Board had made adjustments to the maximum wholesale margins for motor fuels and heating oil (2013), the maximum retail margin for motor fuels (2011), the maximum delivery cost for motor fuels (2008) and the maximum full service charge for dispensing motor fuels (2011).
The Board sets maximum prices for petroleum products sold in New Brunswick as per the Petroleum Products Pricing Act and its attendant regulation, NB Regulation 2006-41.