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

Rotary gets the go-ahead for a peace garden at Maffeo Sutton Park

Club will fully fund $200,000 project in a corner of the park looking out on Newcastle Channel

First day of sentencing held in Nanaimo hotel murder case

Brandon Woody pleaded guilty to second-degree murder in what Crown council described as ‘execution’

Coast Salish public art piece stolen from downtown Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Prime Minister Trudeau comes campaigning in Nanaimo

A day after announcing a May 6 byelection date for Nanaimo-Ladysmith, Justin Trudeau visits city

Ladysmith mayor considered running federally, decided against it

Aaron Stone filed papers with Nanaimo-Ladysmith NDP to be vetted as a candidate

Prime Minister Trudeau comes campaigning in Nanaimo

A day after announcing a May 6 byelection date for Nanaimo-Ladysmith, Justin Trudeau visits city

Candidates hit the campaign trail as Nanaimo-Ladysmith byelection called

Trudeau announces that voters will go to the polls May 6

Regional District of Nanaimo adds up its assets, all $382 million worth

Regional district completes first asset management review

Nanaimo contingent learns about Maori during cultural exchange to New Zealand

Travellers from Nanaimo Aboriginal Centre went on Paddling Beyond trip in January

Indecent caller handed 18-month conditional sentence

Vancouver Island man pleaded guilty to making indecent phone and video calls to women across B.C.

Inspirational Vancouver Island youngster dies after battle with brain cancer

Kaiden Finley ‘was seriously the strongest 11-year-old’

Is it a homicide? B.C. woman dies in hospital, seven months after being shot

Stepfather think Chilliwack case should now be a homicide, but IHIT has not confirmed anything

Sources say Trudeau rejected Wilson-Raybould’s conservative pick for high court

Wilson-Raybould said Monday “there was no conflict between the PM and myself”

Father-son duo at B.C. Children’s Hospital helps new dads fight depression

The pair teamed up to introduce the only known research-based mindfulness workshop for new dads

Most Read