Better fill your tank now, gas prices are expected to climb five cents a litre in Vancouver on Friday.
Dan McTeague with GasBuddy.com tells Daily Hive that the OPEC meeting in Algeria is one of the main sources of the increase.
“Traders and speculators think the good times are back,” he says. “They bid up the price of both oil and, as a result, gasoline.”
That will account for half of the five-cent-a-litre increase – the other half is due to refinery issues in California.
“That seems to have traders thinking there isn’t enough supply to get around, but as price takers here in the Lower Mainland and on Vancouver Island, we buy a lot of our gasoline from the Pacific Northwest refineries, and they’re affected by this increase.”
“In one fell swoop, you will see prices increase right across the board,” McTeague adds.
How long gasoline will hover at that price is yet to be determined, but he recommends getting gas today.
“For now, if anyone is thinking about holding off, they may want to ensure they have enough gas to get to at least Wednesday or Thursday of next week, because I don’t see much changing before then.”