B.C. gas prices are expected to jump to historic heights again this week, and a petroleum analyst said they won’t stop there.
Dan McTeague, senior analyst with GasBuddy.com, said depending on the events of the next few months, British Columbians in high price tag areas like Victoria and Metro Vancouver could be paying $2.25 to $2.30 per litre at the pump at some points this summer.
Sanctions against Russian oil, the COVID-19 lock down in China, and an upcoming increase in vacation travel will all play a part in determining the price, McTeague said.
When China reopens and its factories are running again, oil demand will increase and so will its global price, McTeague explained. That, combined with the usual hike in prices over summer months, the weak Canadian dollar, and the volatility of Russia’s war on Ukraine, could produce previously unimaginable prices.
Already Wednesday (May 4), Gas Wizard was predicting a four cent jump to $2.119 per litre by the end of day in Metro Vancouver. Victoria is also expected feel the sting at $2.099 per litre.
In other major B.C. cities, such as Kamloops and Kelowna, Gas Wizard said gas should hold steady around $1.889 per litre for now.
McTeague predicted prices will jump even higher across the province by the weekend, and will likely to do so again before the May long weekend.
“Look for prices to remain high, and painfully so,” he said.