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.