KRS 138.228 — Calculation of average wholesale price of gasoline

The department shall calculate the average wholesale price as follows:
(1) For fiscal years beginning before July 1, 2015, the average wholesale price shall be
calculated each quarter, as provided in this subsection. The average wholesale price
shall be the quarterly survey value unless the quarterly survey value is:
(a) Less than the wholesale floor price, in which case the average wholesale price
shall be the wholesale floor price; or
(b) Greater than one hundred and ten percent (110%) of the average whol esale
price at the close of the previous fiscal year, in which case the average
wholesale price shall be one hundred and ten percent (110%) of the average
wholesale price in effect at the close of the previous fiscal year;
(2) For the fiscal year beginning on July 1, 2015 and ending June 30, 2016, the average
wholesale price shall be the wholesale floor price; and
(3) (a) For fiscal years beginning on or after July 1, 2016, the average wholesale price
shall be calculated annually, as provided in this subsec tion, and shall be
effective on the first day of the fiscal year.
(b) On or before June 1, 2016, and on or before each June 1 thereafter, the annual
survey value shall be calculated for the current fiscal year.
(c) 1. The average wholesale price on July 1, 2016, and on July 1 of each fiscal
year thereafter, shall be the annual survey value determined pursuant to
paragraph (b) of this subsection, unless the annual survey value is:
a. Greater than one hundred and ten percent (110%) of the average
wholesale price in effect at the close of the previous fiscal year, in
which case the average wholesale price shall be one hundred and
ten percent (110%) of the average wholesale price in effect at the
close of the previous fiscal year; or
b. Less than ninety percent (90%) of the average wholesale price in
effect at the close of the previous fiscal year, in which case the
average wholesale price shall be ninety percent (90%) of the
average wholesale price in effect at the close of the previous fiscal
year.
2. Notwithstanding subparagraph 1. of this paragraph, the average
wholesale price shall not be less than the wholesale floor price.