Wild weather behind 11-cent surge in Vancouver gas prices, analyst says

Overnight gas prices are seen at 181.9 cents a litre in Vancouver, B.C., on Nov. 25, 2024.

The intense storms that battered parts of B.C. and the United States last week are partly to blame for a significant surge in Vancouver gas prices, according to a petroleum analyst.

The average price of fuel reached 179 cents per litre in Vancouver on Monday morning, which represents an 11.4-cent increase from a week ago, per the tracking website Gas Buddy.

Some stations reached 181.9 cents per litre, including a two-cent jump overnight.

Analyst Patrick De Haan said generally speaking, the weak Loonie has contributed to pain at the pumps for Canadian drivers – but recent wild weather along the West Coast, on both sides of the border, has meant even higher prices locally.

“The atmospheric river that has been impacting the Pacific Northwest has led to tremendous power outages in areas like Washington State,” De Haan told CTV News. “There are several refineries in that area.”

The outages and other storm effects have caused wholesale fuel prices to “skyrocket,” De Haan added.

While the greatest impacts have been felt in B.C.’s Lower Mainland, the province at large has seen average prices increase 5.6 cents per litre over the last week, according to Gas Buddy.

De Haan said prices are likely to increase a little more before “all of the associated costs with the atmospheric river are passed along.”

“The good news is, the price will eventually come back down once all the restoration happens from that event,” the analyst added.

Fuel prices should decrease to the 160s early next month, and potentially continue dropping to the upper 150s, barring another major weather event, De Haan said.