Amid record-high gas prices, the BC government plans to issue a one-time relief rebate this spring to help ease any financial burden.
Premier John Horgan and Solicitor General Mike Farnworth announced the move Friday, saying most ICBC customers who had a basic auto insurance policy in February will be eligible for a $110 rebate.
Meanwhile, most commercial customers will receive a rebate of $165. That’s because they generally incur higher expenses, according to the province.
Eligible drivers can expect to receive their rebate in May if they are registered for direct deposit with ICBC or as a refund to their credit card, with all other customers receiving cheques in June.
Officials say high prices at the pumps come in the midst of international supply chain disruptions brought on by Russia’s invasion of Ukraine.
“People are facing increased costs through no fault of their own, but as a chain reaction that started with (President Vladimir) Putin’s illegal war in Ukraine,” said Horgan.
On Friday morning, the average price at the pumps in Greater Victoria was 197.8 cents per litre, according to the Canadian Automobile Association. That’s up from a week ago when the average price was 196.4 cents per litre.
But earlier this month, prices were even higher.
On March 10th, a gas station in Central Saanich was charging 214.9 cents per litre—prompting some locals to opt for e-bikes and public transit as prices soared.
“This rebate is going to help a lot of people in this province,” added Farnworth.
“This is another opportunity to put money back in the pockets of the hardworking people who make this province a great place to live.”
The relief rebate is expected to cost the government $395 million. It follows two COVID-19 rebates issued by ICBC last year, which provided drivers with a combined average of $300.