Nunavut MLAs pass bill to help keep gas prices stable – Nunatsiaq News

Petroleum division can run $10 million bigger deficits or surpluses to regulate prices

Nunavut’s MLAs have given the territory’s petroleum products division permission to run deficits of up to $20 million — up from $10 million — following the passage of Bill 68 on March 5.

The division, known as the PPD, expects a deficit of $18 million for the fiscal year that ends on March 31. The division buys fuels such as gasoline and heating oil and controls their prices in the territory.

The bill also allows the PPD to post surpluses of up to $20 million.

“Widening the buffer means not having to increase prices for Nunavummiut,” Finance Minister George Hickes said in the legislature on March 5.

Read More: https://nunatsiaq.com/stories/article/nunavut-mlas-pass-bill-to-help-keep-gas-prices-stable/