Gas prices reach 239.9 cents per litre in Metro Vancouver, breaking all-time record
Metro Vancouver has broken yet another gas price record at 239.9 cent per litre.
It’s the latest blow to the cost of living in the increasingly unaffordable province.
Lower Mainland drivers are still paying the highest prices in the country.
Gas was 145.9 in Edmonton, 153.9 in Toronto, and 168.9 in Montreal Thursday morning.
“Gas prices have shot up by almost 40 cents in just a few days. That is completely unheard of. I've never seen a price spike happen that quickly,” said Werner Antweiler, an economics professor at UBC's Sauder School of Business.
Analysts say the historically high prices are due to tight supply, as a major pipeline and a refinery on the West Coast undergo maintenance.
“It is driven only by local factors here on the West Coast and generally in North America. It has nothing to do with international oil markets this time,” said Werner.
Many drivers have questioned why Metro Vancouver is being hit with higher prices than anywhere else on the continent.
“Vancouver is very directly linked by an immediate pipeline to the western states, to the U.S., to the West Coast. And so anything that happens on the West Coast of the U.S. hits Vancouver harder, whereas the rest of BC does have the ability to more easily access other supply chain routes,” said Paul Pasco, a consultant for Kalibrate Analytics.
Back in March, Premier John Horgan announced a $110 rebate to ICBC customers that was intended to provide some relief.
However, the cheques arrived later than promised, with some still waiting for theirs in the mail.
“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 province continues to monitor the situation, noting a number of relief measures that have been brought in to combat the rising cost of living.
The Liberal finance critic would like to see a freeze on the provincial gas tax.
“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 Peter Milobar, MLA for Kamloops-North Thompson.
“It's impacting gas, 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 added.
On average, Metro Vancouverites pay 75 cents a litre in tax.
“Here in the Lower Mainland, we have not one but two separate provincial carbon taxes that add about 26 cents a litre every single time you fill up your car," said Carson Binda, B.C. director of the Canadian Taxpayers Federation.
"On top of that, we also have a TransLink tax for residents of the Lower Mainland, which adds another 18.5 cents every single time you fill up your vehicle."
Prices are expected to climb another two cents by Friday to 241.9, which will be yet another all-time high for the region.
However, analysts say the record prices won’t last and expect to see a 20 cent price drop within the next two weeks.
“My hope is that you'll see a low at around the $2 mark coming out of Thanksgiving there. There is a major refinery due to come back on in early-to-mid-October, they've scheduled maintenance there,” said Pasco.
Prediction site Gaswizard.ca anticipates the situation will get worse before it gets better, with prices possibly reaching $2.46 a litre over the weekend.
With files from CTV National’s Melanie Nagy
CTVNews.ca Top Stories
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
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.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.