Metro Vancouver gas prices dip to lowest point in months
After an overnight price drop, the cost of filling your tank in Metro Vancouver is now the cheapest it’s been since April.
By Saturday morning, the price of a litre of regular gas was 194.9 cents at most stations across the region. Some retailers went as low as 192.9 cents per litre. While that’s still one of the highest prices in the country, Alberta isn’t much cheaper.
The energy-rich province usually has some of the lowest gas prices in Canada, but right now drivers there are paying more than their counterparts in Ontario. The average price per litre in Edmonton and Calgary is hovering around the 180 cent mark.
Vijay Muralidharan, managing director of R Cube Economic Consulting, says the high prices are linked to fuel blending. Gasoline for motor vehicles is required to be blended with ethanol. Canada imports most of its ethanol from the U.S. by rail, but there’s been a shortage of the substance in Canada since April. Limited supply, Muralidharan says, is driving up the price of ethanol and fuel retailers are passing the cost down to consumers.
“That’s creating an anomaly in Western Canada,” he explained. “This problem is in Kamloops, the B.C. Interior, and Alberta because they’re landlocked. They need to bring it by rail.”
Muralidharan says coastal regions of B.C. are not affected because ethanol can be brought in on barges instead of trains.
Meanwhile, some fuel analysts say the higher than usual gas prices in Alberta are an example of price gouging. Dan McTeague, president of Canadians for Affordable Energy points to most gas stations across the continent dropping by up to 33 cents per litre, except for Alberta.
“It is beyond exceptional,” said McTeague. “Its really pressing the limits of what many people might consider, and justifiably call, a fleecing.”
Alberta Premier Jason Kenney said the province’s finance department will look into the disparity, insisting the government has done everything in its power to keep gas prices low, including a pause on the provincial fuel tax.
Back in B.C., experts predict prices to continue falling, in part because of lower refinery margins.
“Refinery margins were 55 to 65 cents a litre in June, which is an all-time high,” said Muralidharan. “They’ve come down to 35 cents a litre. Expect more decreases if this continues, and it is expected to.”
He predicts Metro Vancouver gas prices will steadily drop into October.
With files from CTV News Edmonton's Chelan Skulski
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.