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Metro Vancouver gas prices expected to break record high Thursday

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Surrey, B.C. -

Gas prices in Metro Vancouver are once again hovering just below record levels and analysts predict drivers in the region could soon be paying an all-time high.

Prices climbed to 234.9 cents per litre Wednesday, just two cents shy of the record set back in June. Price-prediction website Gas Wizard anticipates a new all-time high by Thursday of 239.9 per litre.

“We're entering obviously very new territory, which most have really not expected, given that we've seen oil climbed down from its heights back in June of $115 to $120 a barrel,” said Dan McTeague, an analyst from Gas Wizard.

Prices have been yo-yoing in recent days.

They climbed 39 cents in just a five-day period last week.

“Maybe I should top up,” said Wendy Taylor, a driver from Surrey after learning about the impending price hike. "I think I will actually, that’s crazy."

She said the high prices are affecting her bottom line.

“I do construction cleaning, so I have about five vehicles. I pay for gas. So I haven't totalled it, but I guess it's probably three or four grand a month.”

Analysts say the high prices are due to tight supply as a major pipeline and a refinery on the West Coast undergo maintenance.

They believe that work should only take another week at most and prices will return to the $2.10 mark within the next two weeks.

“What can you do? You don't fill gas, you’re not going to drive your truck, you don’t got a job. So you do what you got to do, 130 bucks. I probably filled up yesterday or the day before yesterday morning and I was fully empty now,” said Gagan Hundal, a truck driver from Surrey. 

Metro Vancouver continues to have the highest gas prices in the country.

By comparison, drivers in Toronto were paying 148.9 cent per litre Wednesday morning.

“The weakness in the Canadian dollar isn't helping consumers. We've lost about four cents a litre in purchasing power,” said McTeague.

He suggested driving south of the border to save money.

Prices in Blaine, Washington worked out to about $1.80 CAD per litre Wednesday morning.

The 60 cent per litre difference equals about $36 in savings for the fill up of a standard vehicle.

“It might be better to go outside of Metro Vancouver, which are the areas not served by TransLink where you will see those gas prices, probably in the vicinity of about $2.10 to $2.15 a litre, but that's a bit of a distance as well,” said McTeague.

Gas stations typically shed their eight-cent retail margins at night, so McTeague suggests filling up during evenings and weekends to save.

“This will not last and we should be seeing about a 20 cent a litre correction over the course of the next two weeks,” he said. 

POLITICS AT THE PUMPS

The BC Liberal finance critic would like to see a freeze on the provincial gas tax until prices come down.

“They did that in Alberta, they saw immediate relief at the pump,” said Peter Milobar, MLA for Kamloops-North Thompson.

He says the record-high prices are a huge hardship to families, commuters, and those in trades.

“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 Milobar.

He says that's affecting more than just the price at the pumps.

“It's impacting gas and 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 said.

B.C. Premier John Horgan announced relief in the form of a one-time $110 rebate issued to drivers through ICBC earlier this year.

Horgan also announced other measures this month to combat a rising cost of living, including a boost to the Climate Action Tax Credit and the B.C. Family Benefit. As well, the annual rent increase – which is normally tied to inflation – will be capped at a maximum two per cent for 2023.

“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 provincial government continues to monitor the ongoing maintenance issues on refineries and resulting price hikes.

“That’s why we have given the (B.C. Utilities Commission) power to look into secrecy in pricing and why we are also helping people deal with higher costs right now,” wrote Ralston.

Milobar says the B.C. government is dragging its feet on addressing historically high fuel prices.

“It's something the Premier said he was going to take action on. Supposedly his Transparency Act was supposed to solve this problem, it didn't. We obviously have a supply issue in terms of access and we also have a taxation problem that the province needs to step in and help with,” said Milobar.

With files from CTV News Vancouver’s Alyse Kotyk 

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