Quebec has abolished its floor price on gasoline in a bid to bring down costs at the pump.

The Quebec government announced the measure in April after the federal government scrapped the consumer carbon tax.

The floor price had been in place since the 1990s to protect small service stations from being undercut by larger players.

But the government says it hopes getting rid of it will boost competition and bring down prices.

Trending Now

The minimum price was officially axed on Saturday as part of a major energy bill passed at the provincial legislature.

Quebec has kept its cap-and-trade carbon pricing system that adds about 10 cents to the price of a litre of gasoline, and currently has among the highest gas prices in the country.