Fuels Act 2022

What this bill does

This bill gives the Regulatory Authority (RA) power to regulate Bermuda's fuel industry, including gas stations, fuel importers, and distributors. It requires fuel companies to get licenses and allows the RA to set maximum prices for gasoline and other fuels that consumers pay at the pump.

If passed (voted YES)

• All fuel companies must get licenses from the RA to operate, ensuring they meet safety and financial requirements
• The RA will set maximum retail fuel prices instead of companies setting their own prices freely
• The government gains oversight of fuel storage, transportation, and distribution to ensure continuous supply and safety
• Fuel companies must report detailed information about imports, storage levels, and operations to the RA

If rejected (voted NO)

• Fuel companies continue operating without needing RA licenses or oversight
• Gas stations and fuel retailers can set their own prices without government-approved maximums
• No centralized monitoring of fuel imports, storage levels, or supply chain security
• Current fuel industry regulations under other laws remain unchanged

Who it affects

This affects all Bermuda residents who buy gasoline, diesel, propane, and heating fuel, as it will influence the prices they pay and supply reliability. Fuel companies, gas station owners, and fuel importers will face new licensing requirements and regulatory oversight of their operations.