Gas prices in Vancouver may keep climbing over the next two months

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You may want to postpone any upcoming late spring or early summer road trips as gas prices in BC could soon peak, experts suggest.

With gas prices at more than $2 a litre for regular in parts of BC, many drivers are in a financial spiral. Unfortunately, gas woes could get worse before they get better.

Why are gas prices rising this time of year?

According to the experts at Kalibrate, an organization that analyzes petroleum and fuel prices, fuel prices typically rise in the spring as demand picks up. Additionally, at this time of year, refineries are performing maintenance.

“With demand picking up at a time production is reduced because of maintenance, this can lead to expanding crack spreads and rising pump prices,” an email statement from Kalibrate reads.

A spokesperson for Kalibrate added that in North America, refineries switch to “summer-blended fuel.” While it is a more expensive blend, it evaporates less quickly in warmer weather.

“This spring, pump prices have also risen as crude oil prices have climbed since the start of the year,” Kalibrate added.

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According to a Kalibrate pump price survey, Canada’s average crude oil input cost has risen from 57.8 cents per litre at the start of the year to 73.2 cents per litre, adding over fifteen cents per litre to the pump price.

“Increased geopolitical tensions abroad and ongoing crude oil production limits by OPEC+ have contributed to rising crude oil prices this year,” Kalibrate also mentioned.

BC gas trends

Kalibrate told Daily Hive that pump prices typically peak in May and June before tapering off at the end of the year.

According to experts, the most significant increase in gas prices in BC is occurring in Vancouver, where pump prices are 41.5 cents per litre higher than at the start of the year.

“According to our daily pump price survey, as of April 18, the average price of the seven markets in BC in our survey was 188.4 cents per litre; it was highest in Vancouver at 212.7 cents per litre and lowest in Prince George at 169.3 cpl,” Kalibrate said. “Compared to the start of the year, this was 32.4 cents per litre higher on average.”

Should Metro Vancouver residents fuel up in the US?

Considering Vancouver’s high gas prices, some people travel to the US for gas or diesel savings.

However, we asked Kalibrate if it was worth heading south.

In response, it said, “Total retail taxes, including all Vancouver municipal, provincial, and federal taxes, were 64.7 cents per litre on April 15.”

“Compared to Washington, where total State and Federal taxes are $0.7122/gallon (US) according to the EIA. This equates to nearly 26 cents per litre in Canadian dollars.”

The experts said the main reason for the price difference is because of taxes.

Kalibrate

So, it could be worth crossing the Canada-US border.

However, if you do plan on travelling to the US for gas, we suggest familiarizing yourself with the border rules. Some drivers recently expressed some confusion as they were forced to pay duty on fuel when they crossed back into Canada.

You can find out which gas stations are closest to the border here.

How are you countering the high gas prices in BC? Let us know in the comment below.