Expert analysis: Metro Vancouver's record-high gas prices to jump another 5 cents
Metro Vancouver’s record-high gas prices are expected to soar even higher this week.
Drivers in the region are facing more pain at the pumps than anywhere in the country right now.
Many stations in the Lower Mainland were charging 222.9 cents per litre Monday, the highest price this region has ever seen, breaking the previous record set Friday.
A leading energy price expert says gas prices could go up an additional five cents per litre this week.
That’s because May 9 marks Victory Day in Russia and could prove pivotal when it comes to the trajectory of the war in Ukraine.
If the situation worsens, prices are expected to climb, he said.
Even if the war ends in the near future, analyst Dan McTeague says high gas prices are expected to stay in place for a while because sanctions will likely remain on Russia's energy sector.
Supply and demand continues to be an issue and the weaker Canadian dollar is a contributing factor as well.
The average price of gas in Canada is pushing towards $1.97 per litre.
British Columbians are shelling out an average of $2.06 per litre.
The summer season will also play a role in pushing gas prices higher, as more people hit the road and travel.
The unofficial start of that begins in less than two weeks for the May long weekend.
HIGHER GROCERY BILLS
British Columbians have already been feeling the pinch from inflation for months now.
Prices have soared at grocery stores and restaurants and the rising cost of transportation is just one variable.
“These days, you have climate, you have geopolitics, and energy costs are just another factor being added to this pile of factors driving prices higher,” said Sylvain Charlebois, the director of the Agri-Food Analytics Lab at Dalhousie University.
Farmers in particular are expected to take a big hit due to soaring diesel prices.
“They're going to be seeding, but they're going to be paying more and we're talking thousands and thousands of dollars,” said Charlebois.
He says a focus on buying local will be the key to finding lower prices going forward.
“The closer you are to the point of sale, the less likely you're vulnerable to these fluctuations,” explained Charlebois.
Imported goods which have to travel long distances will see the most noticeable hikes.
“The thing about B.C. is that the province itself actually does produce a lot of food, basically, all year round. And so I do expect many food products not to be impacted as much,” he explained.
Charlebois described inflation as “an economic disease,” saying it’s out of control in both Canada and the U.S.
“We're in a dangerous place right now. So you have to be careful as consumers in terms of how you manage your budget, there are necessities of life. Shelter and food are two of them,” he said.
Charlebois says we’re far from out of the woods as well.
“If you were to consider the current inflation cycle as a hockey game, we're probably in the middle of the first period right now,” he said.
FOOD DELIVERY SURCHARGES
The higher cost of transportation may also lead to more expensive orders for food delivery customers.
“They could see surcharges happening, if they actually are getting their food delivered to their homes through different apps. Whether it's in food service or retail, when fuel prices jump like that, that's what happens, because you can't really adjust fees. So just add a surcharge temporarily,” Charlebois told CTV News.
For example, Uber started added a $0.35 surcharge on every delivery back in March.
British Columbia does have laws limiting what delivery services can charge.
In December, the province extended its food delivery cap, which limits the fees delivery companies can charge restaurants, but it does not apply to fuel surcharges.
“We know the illegal invasion of Ukraine by Russia is leading to increased fuel costs around the world, having a financial impact on people and families - including food delivery drivers,” wrote a spokesperson from the Ministry of Jobs, Economic Recovery and Innovation in an email to CTV News Monday.
The 15 per cent delivery cap and the 5 per cent processing fee will be in place until the end of 2022.
With files from CTV News Vancouver's Michele Brunoro, Lisa Steacy and Kendra Mangione
Vancouver Top Stories
CTVNews.ca Top Stories
Thousands of people wearing red and white and waiving Canadian flags packed downtown Ottawa to celebrate Canada's 155th birthday on Friday, while groups of protesters popped up around Parliament Hill to protest COVID-19 vaccines and federal restrictions.
Canada Day has kicked off the unofficial start of summer, and the tourism sector is hopeful the first season in three years largely free of COVID-19 restrictions will marshal a much-needed boost for a pandemic-stricken industry.
Biden intends to nominate a conservative, anti-abortion lawyer to federal judgeship, Kentucky Democrats say
U.S. President Joe Biden intends to nominate an anti-abortion Republican lawyer to a federal judgeship, two Kentucky Democrats informed of the decision say.
Moving toward reconciliation doesn't come from jumping 'the queue to perfection,' but by building bridges and trusting one another, Canadian singer-songwriter Chantal Kreviazuk told CTV News Channel during Canada Day celebrations in Ottawa on Friday.
In the wake of last year’s discoveries of unmarked graves at residential schools and the prominent displays of the Canadian flag during 'Freedom Convoy' protests, some Canadians are re-evaluating the meaning of the national symbol.
'Not going to happen in our lifetime': First-time homebuyers share their struggles with purchasing a home
A recent survey shows nearly 50 per cent of Canadians who rent expect to do so forever. As rising interest and inflation rates contribute to a sense of pessimism among first-time homebuyers in Canada, some are sharing their struggles with purchasing their first house.
Prime Minister Justin Trudeau is calling on Canadians to recommit to the country’s values, including respect, hope and kindness, in his official Canada Day message.
The Assembly of First Nations says an Ontario court has rejected a bid by National Chief RoseAnne Archibald to overturn her recent suspension.
Infection with HIV can accelerate aging within the first two to three years of infection, study says
Living with HIV may have an immediate effect on how your body ages, according to new research which showed that cellular aging was sped up within two to three years of infection.
A Vancouver Island real estate agent has lost his bid to recover a deposit he made on a new Ford Mustang that he intended to offer as a prize in a year-long contest in 2020.
A search for two "suspicious" men in Saanich Thursday afternoon ended with no risk to the public, police said.
There was more frustration for BC Ferries passengers at the Horseshoe Bay terminal Friday, with some waits extending upwards of five hours at the outset of the long weekend.
Thousands of Calgarians gather for restriction-free Canada Day festivities with focus on reconciliation
Friday marked the first Canada Day in two years without any public health restrictions, which meant Calgarians were finally able to gather at several in-person events across the city.
Members of Calgary’s Vietnamese community gathered Friday at The Journey to Freedom Park to celebrate the unveiling of a meaningful monument.
The Flames lost their longtime organist Friday, when Willy Joosen died.
An explosive comeback will light up the Edmonton sky Friday night as Canada Day fireworks return to pre-pandemic proportions.
A local beekeeper is asking for help to rescue a colony of honeybees from a junior high school.
A local ice cream shop is offering a unique ice cream flavour with Indigenous roots, and proceeds raised supporting the community.
Ontario drivers experienced some relief from record-setting prices at the pump on Friday as the province's gas tax cut came into effect.
One of Toronto’s Canada Day fireworks displays has been cancelled and another has been postponed after a vendor pulled out at the last minute.
Three people are dead, and two others are seriously injured, including a child, in a collision in Brock Township.
A prominent housing advocacy group fears Quebec could see an increase in households left without a permanent place to live as leases expire across the province on July 1.
This year, Quebec summer camps are facing staffing shortages and rising costs, and some have had to cut back on spaces leaving families in the lurch.
Laval police are asking for the public's help to find 30-year-old Mario Minassian.
In-person Canada Day festivities made a return on Friday for the first time since the pandemic started, with residents bringing back old traditions and creating new ones.
A pro-choice rally was held at the Manitoba Legislative Building on Friday -- a week after Roe v. Wade was reversed by the United States Supreme Court.
Officers with the Manitoba RCMP have confirmed that a body was found in the Assiniboine River on Thursday.
Canada Day will look a little different in Saskatoon as things move downtown.
It's been 25 years since Saskatchewan's last residential school closed, but some are still healing.
The City of Saskatoon will be running 46 summer play programs from July 4 until August 25.
Both the City of Regina and the provincial government remind travellers to stay safe due to the increased number of people travelling for the Canada Day long weekend.
Live performance kicks off at noon on the main stage in Wascana Park with opening ceremonies, followed by a variety of entertainment:
Regina police responded to an early morning report of a break and enter into a business on the 3700 block of Eastgate Drive East on Friday.
The spouse of the gunman in the Nova Scotia mass shooting will testify mid-July before a public inquiry, but she won't face direct questions from lawyers representing victims' families.
As Claire Mahaney-Lion dropped her son off at school this morning, she questioned the reasons behind scheduling a school day that would last fewer than two hours.
Saint John is having its dog day. The host city of the 2022 Memorial Cup is celebrating after the Saint John Sea Dogs bested the Hamilton Bulldogs 6-3 in front of a capacity crowd during Wednesday's championship game at TD Station.
With his wife Joyce on his arm, Tom Hennessy left Victoria Park in London, Ont. to complete his 100-mile walk to raise money for homeless veterans.
After a two-year break due to COVID-19, the Law Enforcement Torch Run for Special Olympics was back Friday in London.
Close to 1,000 people are at Victoria Park in London, Ont Friday morning for the second annual Turtle Island Healing Walk.
There was music and dancing with everyone taking time to honour the dedication of those who fought for the freedoms we enjoy in Canada today at the legion.
A special ceremony was held today on Manitoulin island, where friends and loved ones of a fallen OPP constable gathered to rename a local marina in his honour.
For Ukrainians who were able to flee from Russia's invasion into the country, Canada has become a safe haven.
Emergency service workers in the Region of Waterloo kicked off a friendly competition Friday to see which team can donate the most blood by Labour Day.
OPP are trying to identify a man who they say was involved in an "unwanted residential paving incident" in Puslinch, Ont.
The Edmonton Elks are counting on Tre Ford, the former University of Waterloo football star, to start Friday's game against the Hamilton Tiger-Cats.