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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.