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Premier Rodney MacDonald said regulation means price stability, not lower prices.
The regulation plan, based on the Prince Edward Island model, calls for consumers to be given a warning about price increases.
But in the Nova Scotia version, if international fuel prices spike up or down significantly, oil companies can contact the province and indicate they need to interrupt the two-week cycle to change the price.
Richard Hurlburt, minister of Service Nova Scotia and municipal relations, did not say what he meant by "significantly." "We'll be looking at the market place in New York. We also want to make sure the retailers are involved in this, and that's why my department will be going out and doing some consultation before July 1," Hurlburt said.
His department will be responsible for setting gas prices until the Nova Scotia Utility and Review Board takes over. The board will hold public hearings later this fall.