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Gas prices in B.C. on the rise: GasBuddy

Analyst Dan McTeague says to expect prices to rise by up to 10 cents starting on March 30
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Gas prices are set to go up in B.C. (Pixabay)

Gas prices are projected to shoot up this weekend, according to GasBuddy.com, so drivers in B.C. better fuel up now.

Analyst Dan McTeague said drivers in Vancouver Island will see a seven-cent-per-litre increase while the Okanagan has seen a hike of five to 10 cents already.

ѻýKelowna was at $1.12, and theyѻýre seeing $1.17,ѻý said McTeague, because that regionѻýs gas arrives from the midwest U.S.

McTeague predicted a one-cent rise per litre on Thursday, adding that many gas stations in Metro Vancouver are already seeing a three-cent-per-litre spike.

ѻýMy expectation of $1.40 will be easily exceeded,ѻý said McTeague. ѻýAt the current $1.38.9, weѻýre at a 13-cent-per-litre retail margin. Tomorrow at this time, weѻýll be paying $1.41.ѻý

McTeague said itѻýs mostly due to disruptions in two refineries in Washington state: Phillips 66 in Ferndale and BP Cherry Point.

High prices could last till the beginning of April, but drivers shouldnѻýt expect much of a reprieve even then.

ѻýOn April 15, we switch from winter gasoline to summer gasoline, which means that refineries have to provide much more expensive fuel,ѻý he said. Summer gas has different additives to reduce volatility in higher temperatures.

ѻýWe have the dubious distinctions of having the most expensive place to drive a car in North America,ѻý said McTeague, noting the gas taxes in Translink-served areas.

He doesnѻýt expect prices to rise to $1.50 per litre the way they did in 2014, but does see $1.40 or $1.45 becoming the new normal over the summer.

ѻýWeѻýll see a lot more volatility like this throughout the summer,ѻý said McTeague. ѻýThose are the highest prices weѻýve seen since June or July 2015.ѻý





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