Alberta Drops Fuel Taxes Amid Rising Oil Prices

The Government of Alberta has announced that it will suspend its provincial fuel taxes until the end of the year. This move is in response to high oil prices, which averaged $90.54 per barrel over the last month, triggering a full suspension of the 13-cent provincial fuel tax for the quarter beginning Oct. 1.

The price drop, effective on October 1st, will lower gas prices in Alberta by 13 cents per litre. This change comes after the province suspended its fuel relief program in favor of a rebate last quarter. Premier Danielle Smith's government decided to revert back to directly reducing gas prices at the pump as requested by Albertans.

The move is also seen as a way for the government to provide relief to residents amidst global uncertainty and rising oil prices. Alberta's Finance Minister, Jason Nixon, stated that it's 'relief we're able to provide thanks to our strong fiscal position.' The province will continue to monitor prices at the pump for price gouging, which can lead to jail time or fines of up to $300,000.