British Columbia

Pricey at the pump: Gas prices on the rise in Metro Vancouver

Gas prices rose above $1.50 a litre in Metro Vancouver this weekend and one petroleum analyst says prices are likely to keep climbing.

Petroleum analyst predicts prices will keep climbing to $1.60 per litre

Gas prices are on the rise in Metro Vancouver and could keep climbing. (Joshua Lott/Reuters)

Gas prices rose in Metro Vancouver this weekend and aren't likely to come down anytime soon.

Drivers gassing up on Sunday paid an average of $1.51 per litre, a three-cent increase compared to Saturday. It is the highest gas prices have been in the region since Oct. 31, 2018.

Dan McTeague, senior petroleum analyst for GasBuddy.com, says prices have risen 18-20 cents per litre in the past month and he expects the trend to continue.

According to McTeague, prices could climb about 10 cents per litre over the spring months, making $1.60 per litre the "new normal" for the rest of the summer.

Gas prices in Metro Vancouver broke records on Oct. 13, 2018 after a natural gas pipeline ruptured near Prince George, B.C.

According to McTeague, the pipeline supplied natural gas that powered oil refineries in the United States and there was concern that those refineries would not have the power necessary to turn oil into gasoline. 

As a consequence of that explosion, McTeague said the price at the pump in B.C. hit $163.9 cents per litre.

McTeague does not rule out the possibility of prices rising to that level again.

He says the annual B.C.carbon tax increase that will come into effect in April and geopolitical factors could lead to new record breaking prices in 2019.

 

Corrections

  • A previous version of this story attributed the increase in gas prices in October 2018 to a natural gas pipeline explosion that restricted supply. In fact, the natural gas pipeline supplied power to U.S. oil refineries.
    Mar 17, 2019 5:53 PM PT

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