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.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6969824.1721357192!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Trump describes assassination attempt in personal detail as he accepts Republican nomination
Donald Trump, sombre and bandaged, accepted the GOP presidential nomination on Thursday at the Republican National Convention in a speech that described in detail the assassination attempt that could have ended his life just five days earlier before laying out a sweeping populist agenda, particularly on immigration.
Here's what happened on the final night of the RNC
The final day of the Republican National Convention was underway in Milwaukee where Donald Trump made a lengthy speech.
'We had a good run': High-profile Liberal minister quitting cabinet, not running in next election
Labour Minister Seamus O'Regan has announced he will not run in the next federal election, and will be quitting his cabinet position Friday.
Shannen Doherty granted divorce days after death
Shannen Doherty finalized her split with husband, Kurt Iswarienko, just hours before her death at age 53, and she was granted a rare posthumous divorce two days later.
B.C. woman who thought Coldplay concert 'was a date' must pay ex for ticket, tribunal rules
A B.C. woman has been ordered to repay her ex for a ticket to Coldplay's 2023 concert in Vancouver – in a small claims decision that highlights the distinction between gifts and loans under Canadian law.
Boy who was reported missing from a resort near Disney World found dead in water
A three-year-old boy who was reported missing from a resort near Walt Disney World in central Florida early Thursday was found dead in a body of water on the resort's grounds several hours later, the sheriff's office said.
Northern Ont. OPP sergeant charged with impaired driving
An Ontario Provincial Police sergeant with 26 years of experience has been charged with impaired driving in Cochrane.
Once defiant, Biden is now 'soul searching' about dropping out of race: Reuters source
U.S. President Joe Biden is taking calls to step aside as the Democratic presidential candidate seriously and multiple Democratic officials think an exit is a matter of time, Reuters reported, citing sources familiar with the matter.
2 dead after small plane crashes in Tofino, B.C.
Two people died and a third was seriously injured in a fiery plane crash in Tofino, B.C., on Thursday, according to authorities.