Economist says it’s the antidote to oil industry ‘gouging’.

"In B.C., we already regulate energy prices of electricity through B.C. Hydro and natural gas prices so it's a natural fit given how important transportation fuels are to the economy that this also be brought under the mandate of the B.C. Utilities Commission," he said.

"It's also the case that other provinces that have dealt with unfair pricing and lack of competition in their market prices have regulated a maximum price for gasoline."

Gouging or tight supply?

Gasbuddy.com petroleum analyst Dan McTeague says a regulated market would serve to "cement" high prices in place, with most gas stations keeping to the maximum until it is reset the following week.

READ MORE: Gas in Vancouver hovers above $1.70 a litre — Is this what the rest of Canada is in for?

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