The province’s price-setting panel has sided with the processors for this year’s snow crab price formula, the FFAW announced Monday evening.

The Association of Seafood Producers’ formula caps harvester share at 37 per cent once the market reaches $8.02 Canadian, contrary to historic pricing that increases the harvester share as market prices increase, the FFAW said in a news release.

“Today’s decision by the Panel is extremely disappointing to the negotiating committee, to harvesters around the province,” said Greg Pretty, FFAW-Unifor President.