(Ottawa) New federal regulations aimed at reducing greenhouse gas emissions from gasoline and diesel will cost Canadians up to 13 cents more per liter at the pump by 2030.
Posted at 6:30 a.m.
An impact analysis of the Clean Fuel Standard released Wednesday predicts a reduction of about 18 million tonnes of greenhouse gas (GHG) emissions in 2030, or 5-6% of what Canada must eliminate to meet its current targets for this year.
It will cost refineries and other fuel suppliers between $22.6 billion and $46.6 billion to comply, an average of about $151 per tonne of emissions reduced.
This will reduce Canada’s GDP by $9 billion and increase the price of gasoline at the pump by 6 to 13 cents per liter in 2030, when the regulations are fully in effect.
The bill for refueling could cost between $76 and $174 per vehicle, or up to $301 per household.
The analysis indicates that there will be a disproportionate impact on costs for low-income families, single mothers and the elderly, who are most vulnerable to fluctuations in energy prices and who are the least likely to be able to afford alternatives like electric vehicles.