 After appearing before an all party committee on petroleum pricing, the Nova Scotia legislature passed Bill 79 "The Nova Scotia Petroleum Products Pricing Act".After a year of not proclaiming it law, Rodney MacDonald, the Premier of Nova Scotia announced in May 2006 that petroleum prices will be regulated, beginning on 1 July 2006, two weeks following New Brunswick's announcement of doing the same.The price of gasoline and diesel fuel are based on the price on the New York Mercantile Exchange as a benchmark in Canadian funds.