The 2020 dip in Canadian fuel prices was short-lived, with prices in Metro Vancouver now climbing to around 150 cents per litre. THE CANADIAN PRESS/Jonathan Hayward

The 2020 dip in Canadian fuel prices was short-lived, with prices in Metro Vancouver now climbing to around 150 cents per litre. THE CANADIAN PRESS/Jonathan Hayward

Gas prices at many Metro Vancouver pumps nearing $1.50/litre

Gas analyst Dan McTeague expects the cost to continue to soar – to $1.60 per litre this May

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.

READ MORE: Gas prices in parts of B.C. could reach $1.70 per litre by summer, analyst predicts

“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.



sarah.grochowski@bpdigital.ca

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