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
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Trump hush money trial: Play-by-play on Day 2 of Stormy Daniels testimony
Adult film star Stormy Daniels took the stand for a second time Thursday as former U.S. president Donald Trump's hush money case continues in Manhattan.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
B.C. wildfires likely to spread with weekend temperatures expected to soar, province says
Wildfire and emergency management officials in British Columbia are urging residents to be prepared for increased fire activity as temperatures are expected to soar above 30 C in parts of the province this weekend.
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.