An expert on Canadian gas prices predicts a new record high for the cost of a litre of gas in Vancouver this weekend.
Dan McTeague, president of Canadians for Affordable Energy and a longtime industry analyst, says prices at most stations rose by one cent per litre to 174.9 cents on Saturday, and he’s forecasting another five-cent increase on Sunday.
That would bring the cost of gas at many Vancouver stations to 179.9 cents per litre, which would be the highest average price ever seen in the city – or in any other major Canadian centre.
The current record is 176.9 cents per litre, and was set just last month. At the time, McTeague attributed the spike to unseasonably cold weather, which briefly shut down refineries in Burnaby and Washington State.
“Colder weather has really made a challenge for refineries that are not used to sub-zero temperatures over extended periods of time,” he said at the time. “These are very fragile, very well organized manufacturers, and for that reason, if there’s any variation that’s dramatic, it tends to have that affect.”
On Saturday, McTeague pointed to increased demand for fuel in the U.S. Pacific Northwest, coupled with a rise in the underlying cost of oil, as the drivers of the latest increase.
Oil rose in price by roughly $4 per barrel on Friday, according to McTeague.