Gas prices are projected to shoot up this weekend, according to GasBuddy.com, so drivers in B.C. better fuel up now.
Gas Price Alert George and many cities in should expect a 5-10 cent a litre increase @ the 鉀斤笍 beginning today
鈥 Dan McTeague (@GasBuddyDan)
Analyst Dan McTeague said drivers in Vancouver Island will see a seven-cent-per-litre increase while the Okanagan has seen a hike of five to 10 cents already.
鈥91大黄鸭 was at $1.12, and they鈥檙e seeing $1.17,鈥 said McTeague, because that region鈥檚 gas arrives from the midwest U.S.
Wholesale RBOB & CBOB... LIFTOFF... up 10c/gal Monday and up 7c/gal today. Ready for higher ?
鈥 Patrick DeHaan (@GasBuddyGuy)
McTeague predicted a one-cent rise per litre on Thursday, adding that many gas stations in Metro Vancouver are already seeing a three-cent-per-litre spike.
鈥淢y expectation of $1.40 will be easily exceeded,鈥 said McTeague. 鈥淎t the current $1.38.9, we鈥檙e at a 13-cent-per-litre retail margin. Tomorrow at this time, we鈥檒l be paying $1.41.鈥
McTeague said it鈥檚 mostly due to disruptions in two refineries in Washington state: Phillips 66 in Ferndale and BP Cherry Point.
High prices could last till the beginning of April, but drivers shouldn鈥檛 expect much of a reprieve even then.
鈥淥n April 15, we switch from winter gasoline to summer gasoline, which means that refineries have to provide much more expensive fuel,鈥 he said. Summer gas has different additives to reduce volatility in higher temperatures.
鈥淲e have the dubious distinctions of having the most expensive place to drive a car in North America,鈥 said McTeague, noting the gas taxes in Translink-served areas.
He doesn鈥檛 expect prices to rise to $1.50 per litre the way they did in 2014, but does see $1.40 or $1.45 becoming the new normal over the summer.
鈥淲e鈥檒l see a lot more volatility like this throughout the summer,鈥 said McTeague. 鈥淭hose are the highest prices we鈥檝e seen since June or July 2015.鈥