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Fuel costs surged in Metro Vancouver over the weekend, and the ache on the pump goes to worsen.
On Sunday, one Coquitlam station posted a value of $213.90, whereas in Vancouver the value at some pumps topped out at $212.90.
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These are the very best gasoline costs of 2023 within the Pacific Northwest, and costs may proceed to rise by one other 5 cents a litre earlier than the tip of the week, in keeping with Dan McTeague, president of Canadians for Inexpensive Power.
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“I wouldn’t be shocked to see $2.20 earlier than issues relax,” stated McTeague.
“It is a yr in contrast to the rest we’ve seen earlier than,” stated McTeague. “Provide is dwindling and demand continues to be terribly sturdy, not simply in North America however around the globe. Tightening provide retains issues a lot larger for for much longer.”
A variety of components are affecting native costs stated McTeague, together with a refinery hearth on Friday in Louisiana, provide challenges, a shrinking Canadian greenback and taxes.
Vancouver drivers shell out near 80 cents a litre in taxes and levies, about double what Ontario drivers pay.
At $212.90 a litre, taxes and levies embody a TransLink levy of 18.5 cents, a devoted gas tax of 6.75 cents, a provincial Motor gas tax of 1.75 cents, a federal carbon tax of 14.31 cents, BCLCFS (The British Columbia Low Carbon Gas Normal) averaging 17 cents and 10.2 cents in GST, stated McTeague
The change of seasons may deliver some reduction after the September lengthy weekend.
“We’re heading towards the drop in summer time demand driving, and that’s going to bode properly for us all. That’s normally once we get a little bit of a break,” stated McTeague.
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Summer time costs aren’t simply on account of larger demand. “Summer time gasoline is a unique spec,” stated McTeague. “Once we change over to winter gasoline that tends to drop it about 4 to 5 cents a litre.”
When costs drop this fall, McTeague stated we could also be taking a look at “new regular,” with costs levelling out to about two {dollars} per litre, fairly than lows corresponding to the autumn of 2022. On Dec. 8, 2022 gasoline dropped to $156.90 within the Decrease Mainland.
To get an thought of when costs will likely be at their lowest every week (normally Wednesday), McTeague recommend checking his web site gaswizard.ca on Monday nights to get value projections.
dryan@postmedia.com
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