Metro Vancouver gas prices have soared to highs not seen since before the COVID-19 pandemic.
Last year, fuel was being sold at pumps for less than a dollar per litre, but the dip in Canadian fuel prices was short-lived.
As of Wednesday, the cost of gas has climbed to $1.50 per litre at many Metro Vancouver pumps – including several in Burnaby, Surrey, Maple Ridge and Langley, according to GasBuddy.com.
Others further east in the Fraser Valley were charging slightly less. Pumps in Abbotsford were reported offering gas for as much as $1.37.
Canadian gas analyst Dan McTeague attributed the steep hike in prices to three things: the growing U.S. demand for fuel, the “deep freeze” still affecting the oil industry in Texas and the Organization of the Petroleum Exporting’s recent decision not to increase global output.
“What makes these prices particularly noticeable is that Vancouver continues to boast the highest taxes and prices anywhere on the continent,” McTeague told Black Press Media.
“Taxes amount to 52 cents per litre and B.C.’s Low Carbon Fuel Standard regulation – at around $350 a tonne – adds another 12 to 13 cents per litre to the total cost for drivers.”
McTeague, president of Canadians for Affordable Energy, predicts gas prices will hit $1.60 per litre following COVID-19 improvements made this April.
Similarly, the U.S. demand for fuel has grown as mass vaccinations provide relief from fear and immobility caused by the onset of the pandemic.
“I am still holding fast to the idea that we will see a return to those higher prices at times this summer,” McTeague said, predicting local pumps charging as much as $1.70 per litre.
Want to support local journalism? Make a donation here.