As many gas stations across Metro Vancouver saw record-breaking prices on Wednesday, prices are set to rise higher on Thursday, and the price at the pump could reach an astounding $2 per litre by the weekend.
The price at the pump at some stations reached $1.869 on Wednesday, a new record for the region. But that record will likely be obliterated on Thursday, according to expert analysts.
The spike in prices is thanks in part to rising oil prices. But in BC, taxes play a major role in the price of gas. According to the Canadian Taxpayers Federation, BC residents pay over 50 cents in taxes per litre.
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Vijay Muralidharan, director of consulting at the Kalibrate & Kent Group in Calgary, spoke with Daily Hive Edmonton about the situation in Alberta, where people are also seeing their prices go up. He told Daily Hive Vancouver that the logic is the same for gas prices in BC.
“It is the appreciation in crude price that is causing this spike,” he said.
He added that the price per barrel was $10 more today than it was yesterday, and that the invasion of Ukraine by Russia was also playing a role.
Roger McKnight, a chief petroleum analyst with En-Pro International, also suggested that $2 per litre is a likely forecast within the next several days.
“I can see a 6 cent increase coming Friday and another 8 cents on Saturday/Sunday,” he told Daily Hive.
“This would bring it to the precipice being $2 per litre.”
He went on to throw some shade at the BC government when it comes to the amount of taxes residents pay at the pump.
“Maybe it’s time for various levels of government to take a break and put the brakes on taxes.”
Gas Price Wizard, a website that forecasts the price at the pump, suggests that we’ll see the $2 per litre mark as early as this Friday.
Whenever the forecast comes true, it seems likely that Metro Vancouver, already paying the highest prices in North America, will be paying substantially more very soon.