British Columbians to receive relief at the pump

British Columbians will be able to access a one-time financial contribution from the province to offset prices at the pump.

Through ICBC, the B.C. Government will provide general customers with a $110 rebate, and most commercial customers with a $165 rebate.

People must have a basic auto insurance policy through ICBC during the month of February to be eligible for the $110 rebate.

The rebate is estimated to distribute more than $395 million to British Columbians.

Premier John Horgan said the rebate will help offset the rising price of petrol due to the war in Europe.

“People are facing increased costs through no fault of their own, but as a chain reaction that started with Putin’s illegal war in Ukraine,” said Horgan.

“As a result of our work to fix ICBC, we’re in a position to put money back in people’s pockets to help a little with these increased costs.”

ICBC customers will receive their rebates in May if they are registered for direct deposit with ICBC or as a refund on their credit cards. All other customers will receive cheques in June.

“This rebate is going to help a lot of people in this province,” said Mike Farnworth, Minister of Public Safety and Solicitor General.

“This is another opportunity to put money back in the pockets of the hardworking people who make this province a great place to live.”

Farnworth added that the amounts chosen for the rebates are based on the financial situation of the crown corporation in terms of the start of the year projection and balancing the capital requirements with the potential rebate amount.

The province noted that ICBC was in a position to offer this rebate as the forecast annual net income was set at $1.9 billion for the fiscal year. The remaining income will be reinvested into capital reserves.