Pain at the pumps: Gas prices hit 163.9 cents/litre in parts of Metro Vancouver
Drivers of gas-powered vehicles were stuck paying nearly $1.64 a litre in parts of Metro Vancouver on Monday, and analysts expect to see more pain at the pumps over the summer.
Prices reached 163.9 cents at some gas stations before noon, including in Vancouver and Surrey, continuing an upward trend that's been happening since fall.
Vijay Muralidharan, a Calgary-based petroleum industry consultant with Kalibrate, said the biggest factor remains the surge in crude oil prices that began in 2020.
"Since that started a year ago, the prices have increased quite astronomically," he said, noting the price of crude jumped by 30 per cent in the first half of 2021.
Kalibrate's research has found that every $1 jump in crude oil prices correlates to a half-cent increase at the pumps in Canada, Muralidharan said.
There are other factors at play, according to the analyst, including an increase in refinery margins and the growing demand for fuel that normally comes during the summer. With many COVID-19 restrictions lifting, people are getting back into their cars for road trips and other vacations.
"The demand is picking up, activity is returning to some sort of normalcy," Muralidharan said.
Prices should begin to come back down after OPEC+ producers, who have voluntarily curbed supply during the pandemic, begin releasing more barrels into the market, Muralidharan added.
"We won't see that happening until August or September," he said.
Gas prices in Metro Vancouver still have a ways to go before breaking any records. Back in April 2019, they reached as high as 172.9 cents a litre at several stations in the region.
CTVNews.ca Top Stories
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.