Metro Vancouver gas prices break records again

Gas prices hit another record high in Metro Vancouver, largely due to the Russian invasion of Ukraine.

Several stations across the region reached 186.9 cents per litre Wednesday morning, the highest price ever recorded locally.

The previous record was set just days prior at 183.9 cents per litre.

Despite the steep price, at least one station sold out of regular gas by about 8 a.m. A sign posted at the Petro-Canada at the corner of West 41st Avenue and Oak Street in Vancouver apologized to drivers for the inconvenience.

It's not surprising, and could be a trend seen elsewhere in the area, as analysts warn drivers may want to fill up, even at the record-breaking price, because predictions suggest gas is about to get even more expensive.

“Oil and gas are going to continue to be in very high demand and very short supply, which means the only thing it can give right now is our prices, and they will continue to rise,” said Dan McTeague, president of Canadians for Affordable Energy.

Drivers filling up in Surrey’s Guildford neighbourhood were already feeling the pinch Wednesday morning.

“I was thinking about driving less, but I think the way to go is buy electric cars. I think that’s the future,” said Alexander from North Burnaby.

McTeague says Metro Vancouver will see a seven-cent jump Thursday, which would bring prices to 193.9 cents per litre.

“I am absolutely convinced now that we will see $2 a litre here in Vancouver, more than likely in the next week or so,” McTeague told CTV News.

“It’s getting out of hand,” said Ray from Surrey as he filled up his car.

“It’s too bad, especially for people that are struggling. I think it’s pretty tough,” he added.

A number of factors are causing the pain at the pumps.

McTeague says it’s a reflection of oil prices going up.

We’re also shifting from the winter to summer-blend of fuel, which is more expensive to make.

Sanctions placed on Russia in retaliation for its invasion of Ukraine have driven prices up.

It cost Ivan from Surrey more than $120 to fill up his small pickup truck Wednesday morning.

He watched the numbers of the pump race by, calling the bill “painful.”

“That’s insane and now with the situation in Ukraine nobody wants it go higher, and it will,” he said.

Analysts say drivers should get used to paying more; the provincial carbon tax is also set to rise on April 1.

This all will cause a ripple effect, with higher transportation costs, leading to bigger grocery bills. McTeague predicts food prices will increase by about 25 per cent.

“Might I remind people this morning, we get our first interest rate increase. So all this bad news is coming in a big batch, very quickly, very suddenly, and very few families can afford this,” said McTeague.

He’d like to see the federal government step in to help.

“They should consider rebating at least for those on less income, GST rebates would be probably a good way of doing it,” said McTeague.

He’d also like to see a moratorium on other taxes.

“This is really about affordability and stunting the growth of the Canadian economy,” said McTeague.

However, he says there are a few ways to save like using a gas tracking app to get the best price.

Try to fill up in the late afternoon or evening when prices are typically lower.

Maintain your vehicle and keep your tire pressure up to ensure you get optimal mileage.