With fuel prices on the rise, ICBC’s “gas” discount may not come until mid-July for some drivers

The British Columbia government has confirmed that more than 80 per cent of customers have not received their last rebate from ICBC and many will not receive a one-time $110 rebate for gas until July.

The county originally told drivers that the discount, announced in March as a relief measure amid record gas prices, will be distributed in May and June.

However, the Industrial and Commercial Bank of China (ICBC) has now made it clear that some of the checks may not arrive until the end of next month. Regardless of the discount payment method, all eligible customers must receive a letter confirming when the discount is issued.

“The Industrial and Commercial Bank of China is getting them out, and that will be done by mid-July,” Public Safety Minister Mike Farnworth said Monday. “As of today, 600,000 rebates have been disbursed.”

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Drivers will get a $110 one-time discount from ICBC amid record gas prices

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Commercial insurance customers with an active eligible base insurance policy at any time during February will receive a $165 discount.

ICBC allowed customers to sign up for direct deposit, but only 25,000 people signed up. Rebates have already been distributed to those who have done so.

Regional Crown confirmed that 573,000 people who paid their insurance with credit cards also received a discount.

However, more than 2.9 million customers – those who paid by debit, cash, check or a payment plan – have not received the discount yet.

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The Industrial and Commercial Bank of China began processing checks on Monday, with 54,000 checks being processed on the first day.

Personal insurance customers with an active eligible primary insurance policy on the vehicle at any time during February will receive a $110 relief rebate.

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Funds come from General Insurance due to better-than-expected investment returns in Industrial and Commercial Bank of China (ICBC) and lower unemployment claims.

ICBC also warns customers that any text messages they receive about the discount are fraudulent.

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Gas prices are at record levels. How has the fuel cost of 5 cars changed

Gas prices have risen since the province announced the discount.

Prices were at $1,869 per liter across Metro Vancouver in early March. A liter of pumps hit $2,332 last week and may rise as summer approaches.

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“The fact that we are now seeing 50 cents per liter higher than when the discount was announced shows how slow this government has been to react to even the smallest of measures to help people,” said British Columbia liberal Peter Millobar.

“I think 80 percent of ICBI’s clients are disappointed that they haven’t seen their money yet.”

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British Columbia Green Party leader Sonia Furstenau is teaming up with New Brunswick and PEI Green leaders David Kohn and Peter Bevan Baker in calling on the prime minister and chief ministers across the country for a national tax on windfall profits for oil and gas companies.

The Greens assert that there is no shortage of oil in North America, yet prices have gone up.

The oil and gas companies have made profits and the tax will take some of that profit and distribute it back to those who earn the least.

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“Housing is out of reach, inflation is at record levels, and gas prices are making it very difficult to access basic services,” Furstenau said.

“The provincial government of British Columbia has failed to address these crises or invest in accessible transportation options.”

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