Vancouver gas prices predicted to smash record and continue to climb on Wednesday

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Gas Prices
gas pumps / Shutterstock

Metro Vancouver Gas prices continue to soar as yet another record high was broken over Easter long weekend.

Gas stations in the Lower Mainland were showing prices as high as 172.9 cents per litre on Saturday, April 20. Previously, the record high was set on Sunday, April 14, when multiple stations were showing prices as high as 170.9 cents per litre. That record was broken on Wednesday, April 17 when a number of stations were showing prices as high as 171.9 cents per litre.

Dan McTeague, a Senior Petroleum Analyst with GasBuddy.com, tweeted about the rising costs on Saturday, noting that 172.9 cents per litre is the “new reality” at pumps in the Lower Mainland.

He also noted that prices would remain that high until at least Wednesday. Further, he advised that drivers should wait until evenings to fill up.

Following this, McTeague tweeted on Monday, April 22 about the US oil embargo on all Iranian oil. He stated that the oil embargo as well as, “OPEC/Russia cutbacks and output problems in Libya and Venezuela,” would mean that gasoline and diesel prices would rise substantially.

A statement from the U.S. Department of State announced that, “The Trump Administration has taken Iran’s oil exports to historic lows, and we are dramatically accelerating our pressure campaign in a calibrated way that meets our national security objectives while maintaining well supplied global oil markets.”

As a result, McTeague predicts that Metro Vancouver gas prices will hit 1.75 cents per litre on Wednesday, April 24. This price would break the current record, but McTeague also cautions that it is “just the start.”

As for the best time to fill up, McTeague stated that the ideal time was in the evening before Wednesday. However, he did not specify whether prices would be higher on Monday or Tuesday.