Vancouver gas prices set to soar by over 20 cents this spring

As if Vancouver’s affordability crisis wasn’t hard enough, gas prices are set to see a sharp increase this spring.

Suzanne Gray, a sales and services consultant at analytics company Kalibrate, shared that Vancouver is expected to see an increase in gas prices by 21 cents per litre this spring and summer based on past trends. This price jump will hike the cost of gas to over $2 per litre in the city, according to Gray.

“Today’s retail price in Vancouver is 194.5 cents per litre. So, it is likely that pump prices will increase in the spring and summer above $2 a litre in Vancouver,” said Gray.

The price increases in the spring and summer months can be attributed to a few reasons, mainly revolving around tax and refinery maintenance.

Gray shared that one reason for the more expensive gas is “the annual carbon tax increase that generally occurs at the start of April in most provinces and adds about 3 cents to the pump price.”

The other reason is that “refineries switch from winter-blended fuel to more environmentally friendly summer-blended fuel” and generally undergo maintenance in the spring months, which “can stress inventories and push retail prices higher.”

Vancouver is expected to see a slightly earlier start to the seasonal pump price increase because of the recent unplanned closure of the Burnaby refinery, according to Gray.

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Aside from Vancouver, gas prices are also expected to increase across the country, but not to the same extent.

Gray shared that based on previous years’ trends, the rest of BC will likely see gas prices peak around $1.90 per litre. Based on past trends and current average gas prices, the national average is expected to peak slightly lower at around $1.80 per litre.

However, Gray highlighted that these predictions indicate the highest potential price and that the actual cost could be slightly lower.

“This is just the peak price expected later this spring [and] summer, and in all likelihood, prices will average below the peak price,” said Gray.

“Comparing the summer months to the winter months, it is likely that pump prices may average throughout the summer closer to current prices as opposed to averaging closer to the peak prices.”