A gas pump is shown at a station in Montreal on April 12, 2017. Extreme volatility in oil markets has resulted in a price jump for gasoline of four cents a litre in Metro Vancouver and an analyst predicts a further hike could arrive within days. THE CANADIAN PRESS/Graham Hughes

B.C. fuel up 4 cents and more hikes to come: expert

Dan McTeague says to expect a wild ride for gas prices this year

Extreme volatility in oil markets has resulted in a price jump for gasoline of four cents a litre in Metro Vancouver and an analyst predicts a further hike could arrive within days.

Dan McTeague, a senior petroleum analyst at GasBuddy.com, says Vancouver residents will be the “poster children” for what he expects will be a wild year for gas prices Canada-wide.

He says the four-cent increase is the culmination of a series of events, including the explosion of the Enbridge natural gas pipeline in October and the unexpected maintenance shutdown of the Olympic pipeline last month in Washington state.

READ MORE: Start the new year with a full tank

McTeague says traders are still rebounding from those events and must cover gasoline demand in Oregon, Washington and southern British Columbia, prompting the latest hike and another boost of what he predicts could be a “penny or two,” by Sunday.

Greater Vancouver imports all its fuel, adding to the cost, but McTeague says fuel taxes will also climb in B.C. on April 1.

He says the tax will add 3.3 cents to the price of a litre of fuel and make the Vancouver area the highest tax jurisdiction for fuel of any major city in North America.

“You knocked out Montreal,” McTeague says. “There are some occasions where being No. 1 isn’t such a great thing.”

The GasBuddy website pegged the average price for gas in Vancouver at about $1.31 a litre on Friday, well above the average price of gas in some other Canadian cities. In Halifax, the average price was 97.8 cents, while it was at about $1.11 a litre in Montreal. A litre of gas was just over $1 in Toronto and was at 90.6 cents in Calgary.

A written analysis provided by McTeague says the turbulent year ahead for prices at Canadian pumps will stem, in part, from concerns over a looming trade war between the U.S. and China, Brexit, the status of global crude supplies and overall demand for oil products.

“Overall, fuel prices in 2019 could well turn out to be more expensive than any year since 2014, helped in no small part by an increase in gas taxes and currency challenges,” the analysis says.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Woman arrested after truck stolen in Mahood Falls

A police report from the 100 Mile House RCMP

Highway 97 closed north of Clinton

The highway has been closed due to downed hydro lines

Did you attend 108 Mile Ranch’s 50th birthday celebrations?

Did you attend the 108 Mile Ranch's 50th birthday celebrations this weekend?… Continue reading

From the archives of the 100 Mile Free Press

28 Years Ago (1991): A proposal for a $600,000 seniors housing project… Continue reading

A hidden gem in our own backyard

As someone who is new to town, I am always looking for… Continue reading

VIDEO: Tributes flow on 10th anniversary of Michael Jackson’s death

Jackson received a fatal dose of the anesthetic propofol on June 25, 2009. He died at age 50

Vancouver Aquarium drops cetacean ban lawsuit in new lease agreement

Ocean Wise CEO Lasse Gustavsson called the updated lease an exciting new chapter for the aquarium

Thieves steal two $40K chairs featuring gold serpents from Vancouver furniture store

Chairs believed to be the only two of its kind in Canada, police said

Poll: Rising gas prices force B.C. residents rethink summer road trips

63 per cent of respondents reported gas prices are impacting their day-to-day finances

PHOTO: Moose cow and calf relax in Williams Lake flower garden

The homeowners got a surprise when they checked their most recent surveillance footage

Two in hospital after plane crashes in Okanagan Lake

RCMP say wheels left down caused landing plane to overturn on lake

The world’s Indigenous speakers gather in B.C.’s capital to revitalize languages

Organizers estimate about 1,000 delegates from 20 countries will be at the conference

Join talks on international treaty: B.C. First Nations mark ‘historic moment’

Representatives of the Ktunaxa, Syilx/Okanagan and Secwepemc Nations participated

Companies need clearer rules on workplace relationships, study suggests

One-third of Canadians have been in love at work, and half say no policy on the matter exists

Most Read