Powering Progress: Nova Scotia Selects Argus Media for Fuel Price Regulation

July 22, 2023
by
Argus Media Logo (PRNewsfoto/Argus Media)

Key Takeaways:

  • Nova Scotia, Canada, switches to Argus Media for fuel pricing data, establishing new price thresholds.
  • Argus’ price assessments are used globally, notably across North America, influencing physical and derivative contracts, futures trading, and more.
  • Argus Media’s data is favored by refiners, wholesalers, retailers, and traders for fuel contracts and accounting practices.

Nova Scotia and Argus Media: A Leap Towards Market Consistency

Nova Scotia, the Canadian province known for its breathtaking seascapes, has turned a new page in its energy regulation sector. The province has decided to adapt its fuel pricing to Argus Media, the trusted global energy and commodity price reporting agency. This shift brings Nova Scotia’s diesel and gasoline pricing into alignment with Argus’ pricing assessments, an important step towards the standardized fuel pricing seen across North America.

Argus Media chairman and chief executive Adrian Binks expressed his pleasure at the partnership, stating, “We are pleased that the government of Nova Scotia has decided to move to Argus as their basis for fuel price regulation. Argus fuel prices have been adopted by market participants across North America and underpin key futures and swaps markets.”

Pernille Jakobsen Esaiw, Director of Legislation and Policy, Business and Consumer Services at Service Nova Scotia, also echoed Binks’ sentiment. “Industry has told us that Argus is the accepted benchmark for gasoline and diesel prices in Canada and the US and has confidence that its prices are accurate and reflect market dynamics,” said Esaiw. “For these reasons it makes sense for Nova Scotia to base our price thresholds on these independent and trusted benchmarks.”

Argus Media: The New Standard in Fuel Pricing

Argus Media’s fuel price assessments are not just benchmarks, they are guiding lights for the industry, setting the tone for market dynamics across the globe. These price assessments provide an indispensable reference for a wide range of stakeholders – refiners, wholesalers, retailers, traders, and even governments.

Besides offering critical price data for physical and derivatives contracts, Argus’ assessments also serve as settlement prices for futures trading on major exchanges such as CME and ICE. This showcases the high regard in which Argus’ price assessments are held, and the extent to which they influence the global fuel market.

About Argus Media

With its beginnings in 1970, Argus Media has grown into an independent media powerhouse with a staff of 1,300 spread across 29 offices in the world’s principal commodity trading and production centers. Headquartered in London, Argus Media has made a name for itself as a reliable provider of price assessments and analysis of international energy and other commodity markets.

In addition to its reputable pricing data, Argus Media offers bespoke consulting services, industry-leading conferences, and is also known for its analytical prowess, providing insights that drive strategic decision-making for businesses.

Argus Media’s reach is far and wide, with companies in 160 countries using Argus data for various purposes – from indexing physical trade and benchmarking in financial derivative markets to analysis and planning purposes. As a privately held UK-registered company, Argus Media is owned by employee shareholders, global growth equity firm General Atlantic, and Hg, the specialist software and technology services investor.

Charting the Course for the Future

The partnership between Nova Scotia and Argus Media signifies a major milestone in fuel price regulation. It serves as a testament to Argus Media’s reliability, influence, and excellence in the field of energy and commodity pricing. This move is expected to bring about a more consistent and accurate fuel pricing system in Nova Scotia, aligning it with international standards.

The decision by Nova Scotia to base its fuel pricing on Argus’ benchmarks reinforces the company’s leading position in the energy and commodity markets. It also underscores Argus Media’s critical role in shaping global fuel price dynamics and the increasing reliance on its assessments for transparency and accuracy. This partnership is more than just a collaboration; it is a shared vision for a future where fuel pricing is consistent, trustworthy, and reflective of market realities.

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