(Reuters) -The U.S. Federal Energy Regulatory Commission on Monday rejected a Colonial Pipeline proposal to change the way it delivers gasoline from the Gulf Coast to consumers in the Northeast, noting the company failed to show the proposal was just and reasonable. Colonial in March filed a tariff update seeking regulatory approval to end overlapping shipments of different gasoline grades, while also ending shipments of so-called "Grade 5" gasoline sold in some Northeastern states during the winter. The company also wanted to modify delivery specifications. A group of Colonial shippers, including oil majors Exxon Mobil and BP, had protested the changes, arguing they would harm their businesses by shifting blending margins away from them to Colonial. Shippers had also argued the changes wo

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