After warnings that the high gas prices in Vancouver were set to rise even higher, many commuters who were filling up at the pumps on Monday found themselves paying a new, record-high price to do so.
- Canadian gas prices expected to 'surge' next week
- Gas prices to push even higher thanks to BC's carbon tax hike
And while at least one station in Metro Vancouver had a higher price this past Friday, Dan McTeague, a petroleum analyst with GasBuddy.com, tweeted that the region’s gas prices have hit their highest levels ever seen right across the board in the region.
Congrats #Vancouver. This morning ⛽️ prices have hit a new record of 164.9 cents a litre. Many more stations will follow by tomorrow morning. Check out GasBuddy’s free app – it will let you know where the deals can still be had 😉
— Dan McTeague (@GasBuddyDan) April 7, 2019
Early last week, McTeague said British Columbia is in the midst of a carbon tax rate increase.
The increase began last year in April when the tax rate was $35 per tonne. The rate will increase annually by $5 per tonne until it reaches $50 per tonne in 2021.
This adds an additional one cent to the province’s current carbon tax for a carbon levy of over nine cents per litre.
Not to mention, later this April, gas stations will be switching to a “summer blend” of gasoline, he said.
The summer blend has a pricier composition than its winter counterpart and drivers can expect to see prices increase by several cents from the switch alone.
“Gas prices are in the midst of their seasonal surge as we begin the switchover from winter to more expensive summer fuel,” says Dan McTeague, senior petroleum analyst at GasBuddy. “Already, average prices have jumped nearly 20 cents per litre, but the bumpy road will be getting worse.”
The price is a far cry from other major urban centres across the country, according to GasBuddy.com.
On Monday morning, the website showed gas prices in Calgary hovering around the $1.14 cents / litre mark.
Toronto gas prices at the same time were between $1.14 cents/litre, and $1.18 cents / litre.
In Montreal, prices at the pump were higher than both Calgary and Toronto, but still nowhere near Vancouver – hovering between the $1.31 cents / litre and $1.35 / cents /litre.
Other factors like a rise in the price of oil, as well as a weaker Canadian dollar, will also drive prices up at the pump.
McTeague forecasts that gas prices are likely to continue rising before a peak in early summer.
With files from Ainsley Smith and Vincent Plana