If you can hold off from filling up your vehicle until next week, then wait, suggests a gas price analyst.
For the third time in one week, Metro Vancouver drivers are seeing record-breaking gas prices but relief is expected in the coming days.
On Thursday, gas prices were at a whopping $1.65 per litre and are anticipated to go soar even more on Friday.
“It will go up three cents to 168.9 cents at most of your favourite stations at Metro Vancouver,” said Dan McTeague of Gasbuddy.com.
He said there are reasons for the increase: wholesale prices went up by 2.7 cents and three refineries in California are having issues.
“We are still dealing with a critical shortage in the Pacific market and also here in the Pacific Northwest, where the four refineries are always scrambling to try to make sure they meet supply concerns and demands in our region,” he said.
However, there is some good news on the way.
McTeague expects the BP Cherry Point Refinery in Washington state to come out of maintenance over the weekend, and after that, prices will slowly go back down.
“Fingers crossed we could see prices drop and recede,” he said.
McTeague predicts this will be a year of volatile gas prices, but there is still a way to pay a little less at the pumps.
Prices tend to drop after 5 p.m., with some stations lowering their retail margins between five to 10 cents a litre, he said.
Many drivers in the Lower Mainland already know it’s cheaper to fill up in the Fraser Valley, and that’s because drivers don’t need to pay the 17-cent-tax to TransLink.
Here's a breakdown of how much you're paying in taxes when you fill up:
