Heads up, drivers: Metro Vancouver gas prices are about to jump AGAIN | Daily Hive

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u/Thrownawaybyall / RedditWe hope you relished fuelling up at the pump for under $2 a litre of regular because it really didn’t last long enough.

Gas prices have recently peaked over the $2 mark again, and Paul Pasco, the principal consultant with Kalibrat, says the cost of gas will rise some more in November.

The Fall season started out rough after the region shattered North American gas price records several times.

However, drivers rejoiced when they could fill up their tanks with regular fuel that cost under $2 per litre for the first time in weeks. This was thanks to prices plummeting an astonishing 35-cent in less than 24 hours in mid-October.

By the last day of October, regular fuel costs as much as $1.99 in Burnaby, $2.04 in Vancouver, and $2.09 in Surrey.

GasBuddy

Pasco explained the recent uptick in cost is being felt across Canada because of the strength of the US dollar and overall supply tightness.

“We are seeing gasoline inventories continue to come in below expectations along with crude inventories, which will pull prices upwards,” he said. “Right now expectations are that prices should hold where they are, and I don’t expect them to much exceed the $2 mark.”

Pasco said he predicts fuel that costs about $1.98 per litre of regular to hold for the time being in the province.

However, “The next risk to prices is around mid-November.”

Gas prices may rise upwards of five to 10 cents during this time or (at the latest ) by the end of the month, Pasco predicts.

“Sadly at this time I do not see any extra market factors that can pull prices back down before Christmas,” he added.

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Pasco suggests the region may see some relief from shutdowns in China, “but the Chinese refiners are stockpiling crude at the moment, so overall Chinese demand is holding even if their economy is not currently supporting that level of demand.”

Based purely on Gas Buddy’s 12-month trend, gas prices typically fall around autumn and drop slightly more during the holidays before they gradually increase in the new year and into the warmer months.