Finance Minister Blaine Higgs is opening the door to stopping gas price wars in the province after hearing more complaints from small gas retailers that they are struggling to survive.

More than six convenience store and gas retailers showed up at a public meeting on Tuesday night in Fredericton to complain about how a Costco store in Fredericton has been offering gas several cents cheaper than the regulated maximum price.

Energy Minister Craig Leonard has committed to reviewing the gas regulation system in 2012. But the energy minister ruled out regulated minimum prices in the past.

Higgs, however, is now committing the provincial government to looking at the policy change.

Finance Minister Blaine Higgs said he is willing to consider imposing minimum gas prices. (CBC)

"We need to understand the details around that, and what the real threats are,” Higgs said at his pre-budget meeting in Fredericton.

“It's evident it's a real concern. We've seen it first hand with a closure in this area. So it's a real issue and we're going to look into it."

What Higgs didn't explain is how he will justify halting gas price wars that are popular with Fredericton drivers.

Keith Moffitt opened an Irving gas retail outlet in Harvey last March. Three months later, Costco opened its outlet in Fredericton.

Its price at the pumps was seven to 13 cents cheaper than the maximum price, well below what Moffit could offer.

"We cannot compete with the big stores which sell gas on a wholesale market and we cannot pass the savings onto our customers therefore we are losing business," Moffit said.

Two small gas stations have closed already and have blamed the gas wars for their problems.

Alex Scholten, president of the Canadian Convenience Stores Association, said other owners may also close their stores because of the gas wars.

"They don't know how they're going to survive, they don't know how they're going to support their families, they don't know how they're going to keep people employed in the city,” Sholten said.

Scholten urged the finance minister to institute a minimum price for gas.

"The legislation as it presently exists today causes great uncertainity for retailers and it's having a significantly impact on their ability to survive," he said Wednesday.

When Bernard Lord’s former Progressive Conservative government brought in the gas regulation system in 2006, it set a regulated maximum price that would change every two weeks.

When the former Liberal government changed the gas regulation system, it allowed for weekly changes.

The law sets a maximum gas price so drivers know the most they will be forced to pay when they pull up to the pumps. But the gas retailers are free to sell gas lower so the public can take advantage of cheap prices.

Both governments refused to impose a regulated minimum price, which would limit the gas retailers from offering drivers deep discounts.