As predicted, B.C. gas prices set another all-time record on Saturday, with some stations in Metro Vancouver advertising gas for 227.9 cents per litre.
Gas price analyst Dan McTeague, the president of Canadians for Affordable Energy, said on Thursday that he expected prices to rise 11 cents by the weekend, hitting the 227.9 price seen Saturday.
Since the cost of fuel first rose to more than $2 per litre in Metro Vancouver back in March, there’s been little relief in sight.
Experts and B.C.’s premier have largely blamed the Russian invasion of Ukraine for a trickle-down impact leading to the surging prices.
One energy expert told CTV News earlier this month there’s another major factor at play.
“The main cause for this is refineries,” said Vijay Muralidharan, senior analyst for Kalibrate Canada.
“Summer driving season has begun in the U.S., which de facto means that refineries are going to charge a premium to produce gasoline.”
A carbon tax increase also took effect in B.C. in April, bringing that tax up to 11 cents.
To offer B.C. drivers a bit of a break for high prices, Premier John Horgan announced a $110 rebate for most drivers insured in the province. Some residents will see their rebate arrive by direct deposit this month, others will receive a cheque in June.
With files from CTV News Vancouver’s Lisa Steacy and Alyse Kotyk