Metro Vancouver gas prices could soar past 2022 records this year

Empty like our bank accounts. (kckate16/Shutterstock)

Gas prices have slowly been inching up over the last couple of weeks in Metro Vancouver, but we could see the price at the pump soar past the new records set in 2022.

Various factors led to new records for gas prices at pumps across Metro Vancouver last year, factors analysts expect to see magnified in 2023.

It’s terrible news for folks already pinching pennies amid rising food costs and other goods across the country.

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According to Gas Buddy, in October 2022, Vancouver saw record prices hovering around $2.396 per litre. Some folks were filling up as high as $2.419 per litre. However, according to Paul Pasco from Kalibrate, we could see the price at the pump trump that record by 10 or even 15 cents this summer.

Numerous factors will contribute to this potentially record-breaking year at the pump, including supply and issues at refineries.

“We are expecting to see increased refinery outages for scheduled maintenance, rising prices for crude and a continued increase in demand with record low inventories all driving prices higher,” said Pasco.

In terms of when you might see a break, Pasco suggests drivers could see some respite into August.

Last year, prices began to come down in the winter after the sharp increase in the fall.

The price at the pump fell to around $1.550 per litre in December in Metro Vancouver.

This year, Pasco suggests we could see higher prices during the winter.

“Globally, supply is continuing to decline without any appreciable plans to change supply numbers and continued growing demand. This leaves the market less capable to react to any temporary outages of capacity.”

Currently, gas prices are far from the records we saw at the pump last year, hovering at around $1.819 per litre.