B.C. drivers will be getting a one-time rebate to help deal with the cost of rising gas prices caused by Russia’s invasion of Ukraine.

Premier John Horgan announced the rebate Friday morning, noting it will cost the government more than $395 million. Drivers who have a basic ICBC auto insurance policy will get a $110, while commercial drivers will get $165 as they “generally incur higher expenses.”

“People are facing increased costs through no fault of their own, but as a chain reaction that started with Putin’s illegal war in Ukraine,” Horgan said.

“I appreciate that government can’t protect consumers from runaway prices other than using the tools that are at our disposal to reduce costs and it in this instance, we’re able to provide an amount of money back to policy holders, to drivers, to help them along the way. I believe that it will be welcome.”

Horgan says ICBC is able to offer this rebate since it is forecasting an annual net income of $1.9 billion for the fiscal year ending March 31.

“We were reluctant and in fact would not amend the taxation because it was just be filled an increase in prices at the pump,” Horgan added.

“We saw that in Alberta where the government promised a 13 cent tax reduction on a Monday and on a Wednesday, the price went up 14 cents. We believe this is the best way to get money into people’s pockets.”

Eligible ICBC customers can expect to get their rebate in May if they are registered for direct deposit with ICBC or as a refund to their credit card. All other customers will get their cheques in June.