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
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
U.S. vetoes a widely supported UN resolution backing full membership for Palestine
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn’t over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
Bayer recalls hydraSense baby product over 'potential contamination'
Bayer announced Thursday it is recalling two lots of its hydraSense Baby Nasal Care Easydose due to a potential contamination.
N.L. gardening store revives 19th century seed-packing machine
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.
Cat found on Toronto Pearson airport runway 3 days after going missing
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Grandparent scam suspects had ties to Italian organized crime, police allege
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.