At 173.9 cents per litre, gas prices hit another all-time high in Vancouver

VANCOUVER -

B.C. drivers faced more pain at the pumps on Canada Day as gas prices hit another all-time high.

Prices rose to 173.9 cents per litre at stations in Metro Vancouver.

It's roughly 30 cents higher than the price back in April, and 10 cents higher than the last time a record was broken.

On June 21, the price listed on many signs in the region was 163.9. The region last broke a record in April 2019, when prices were 172.9 at the most expensive stations.

To put things in perspective for those used to the area's high prices by now, TorontoGasPrices.com lists the average price of the Greater Toronto area at 131.9, though listings on the site suggest some may have paid up to 136.9 cents per litre in the area.

While a price spike ahead of a holiday is not uncommon, especially in the summer, last month a petroleum-based industry expert told CTV News the biggest factor in pricing is the surge in crude oil prices that started last year.

Vijay Muralidharan, based in Calgary, said oil prices have increased "quite astronomically," including by 30 per cent in the first half of this year.

Research from fuel analytics company Kalibrate, where Muralidharan works as a consultant, suggests that for every dollar added to the price of oil, gasoline prices in Canada increase half a cent.

There are other factors tied to prices, including taxes specific to B.C., as well as growing demand for fuel as COVID-restrictions lift.

Muralidharan said its unlikely to see much of a drop in prices until August or September.