Gas prices reach 239.9 cents per litre in Metro Vancouver, breaking all-time record
Metro Vancouver has broken yet another gas price record at 239.9 cent per litre.
It’s the latest blow to the cost of living in the increasingly unaffordable province.
Lower Mainland drivers are still paying the highest prices in the country.
Gas was 145.9 in Edmonton, 153.9 in Toronto, and 168.9 in Montreal Thursday morning.
“Gas prices have shot up by almost 40 cents in just a few days. That is completely unheard of. I've never seen a price spike happen that quickly,” said Werner Antweiler, an economics professor at UBC's Sauder School of Business.
Analysts say the historically high prices are due to tight supply, as a major pipeline and a refinery on the West Coast undergo maintenance.
“It is driven only by local factors here on the West Coast and generally in North America. It has nothing to do with international oil markets this time,” said Werner.
Many drivers have questioned why Metro Vancouver is being hit with higher prices than anywhere else on the continent.
“Vancouver is very directly linked by an immediate pipeline to the western states, to the U.S., to the West Coast. And so anything that happens on the West Coast of the U.S. hits Vancouver harder, whereas the rest of BC does have the ability to more easily access other supply chain routes,” said Paul Pasco, a consultant for Kalibrate Analytics.
Back in March, Premier John Horgan announced a $110 rebate to ICBC customers that was intended to provide some relief.
However, the cheques arrived later than promised, with some still waiting for theirs in the mail.
“With rising costs spurred by global inflation, I understand that families’ ability to budget is made more challenging when they see price fluctuations at the pump,” said Bruce Ralston, the minister of energy, mines and low carbon innovation, in a statement to CTV News.
Ralston says the province continues to monitor the situation, noting a number of relief measures that have been brought in to combat the rising cost of living.
The Liberal finance critic would like to see a freeze on the provincial gas tax.
“They're collecting $12 billion more in taxes this year than they did when they took office. They stubbornly refuse to make any adjustment to taxes that could help people like on gas taxes, and that puts a damper on the overall economy,” said Peter Milobar, MLA for Kamloops-North Thompson.
“It's impacting gas, food prices. It's impacting home repair prices when tradespeople have to charge you more to get around to do the work in your home,” he added.
On average, Metro Vancouverites pay 75 cents a litre in tax.
“Here in the Lower Mainland, we have not one but two separate provincial carbon taxes that add about 26 cents a litre every single time you fill up your car," said Carson Binda, B.C. director of the Canadian Taxpayers Federation.
"On top of that, we also have a TransLink tax for residents of the Lower Mainland, which adds another 18.5 cents every single time you fill up your vehicle."
Prices are expected to climb another two cents by Friday to 241.9, which will be yet another all-time high for the region.
However, analysts say the record prices won’t last and expect to see a 20 cent price drop within the next two weeks.
“My hope is that you'll see a low at around the $2 mark coming out of Thanksgiving there. There is a major refinery due to come back on in early-to-mid-October, they've scheduled maintenance there,” said Pasco.
Prediction site Gaswizard.ca anticipates the situation will get worse before it gets better, with prices possibly reaching $2.46 a litre over the weekend.
With files from CTV National’s Melanie Nagy
CTVNews.ca Top Stories
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.