Gas prices in Metro Vancouver could soar to new record highs in 2023, analysts say

Despite some recent relief at the pumps, analysts are predicting gas prices in Metro Vancouver could soar past 2022’s record highs later this year.

Drivers in the region could be paying $2.65 a litre by summertime, according to Kalibrate, a retail analytics company that tracks fuel prices.

"Vancouver, probably, and the Lower Mainland will see some of the highest prices in Canada," said Paul Pasco, the company's principal consultant.

"That's sort of the virtue of the cost to get to market and the taxation in B.C., but across the country we're going to see record high prices.”

Pasco said the spike in price is due to a multitude of factors that have led to less supply, but growing demand.

"There's no more capacity coming into the system. So we're sort of stuck with the refining capacity that we have because we have to reduce it for scheduled maintenance. We lose that capacity to react to market events and additionally global events," Pasco said.

He added that global events – such as Russia’s war in Ukraine, the continued COVID-19 shutdowns in China, and wildfires in the western U.S. – have driven up prices, and will continue to do so.

Many drivers felt defeated by the news as they continue to face the challenges of inflation.

"I don't feel good, obviously,” said Kian Sagha. “It's been crazy the past few months. I'm working with my car so it's really hard.”

"I wish there was something we could do about it. But yeah, it is kind of outrageous that we pay as much," added Michael Aaron Lamb.

The province could see some relief next year when the Trans Mountain pipeline is completed, according to Pasco, but in the meantime, he advises people to save up and budget a bit more for fuel.