HomeBusinessMetro Vancouver gas prices expected to break another record

Metro Vancouver gas prices expected to break another record

Metro Vancouver drivers are being warned to expect another price jump at the pumps this weekend.

Gas price analyst Dan McTeague said Thursday Vancouver drivers could see an 11-cent increase by Saturday, with prices reaching another record-breaking high of 227.9 cents per litre.

Canadian gas-price prediction website Gas Wizard suggests that could be the highest price across Canada among major cities, though Victoria won’t be far behind at 226.9.

Earlier this week, the price in Vancouver reached 222.9 and, as of Friday, a heat map on GasBuddy.com suggested the average price per litre in the Greater Vancouver area was just over 217 cents.

Since the cost of fuel first rose to more than $2 per litre in Metro Vancouver back in March, there’s been little relief in sight.

Experts and B.C.’s premier have largely blamed the Russian invasion of Ukraine for a trickle-down impact leading to the surging prices.

One energy expert told CTV News earlier this month there’s another major factor at play. 

“The main cause for this is refineries,” said Vijay Muralidharan, senior analyst for Kalibrate Canada.

“Summer driving season has begun in the U.S., which de facto means that refineries are going to charge a premium to produce gasoline.”

A carbon tax increase also took effect in B.C. in April, bringing that tax up to 11 cents.

To offer B.C. drivers a bit of a break for high prices, Premier John Horgan announced a $110 rebate for most drivers insured in the province. Some residents will see their rebate arrive by direct deposit this month, others will receive a cheque in June. 

With files from CTV News Vancouver’s Lisa Steacy 



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