Just before spring break, when thousands of B.C. families will be on the road, gas prices have spiked to the highest levels seen since 2013.
The price of regular gas is up around 20 cents per litre over this time last year and it could hit $1.41 a litre by the end of the week, according to gas industry experts.
“I think you’re going to be looking at another three or four cents a litre,” said Dan McTeague of GasBuddy.com.
“So if you don’t like a dollar thirty-six point nine or a dollar thirty-seven point nine… we’re already at looking another one penny increase for Wednesday, that’s already booked.”
WATCH: What’s behind the price spike at Metro Vancouver gas station pumps?
The spike in gas is being blamed on short supply caused by two Washington state refineries struggling with maintenance issues.
In 2013, high gas prices were linked to the cost of oil, which was more than $100 a barrel, but this time, McTeague says, the crimp in supply is due to the American refineries.
“Two refineries in Ferndale, Washington and some hiccups elsewhere are really behind these rising prices,” McTeague said.
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McTeague expects the two U.S.-based refineries will get their operations back in order but it won’t be happening by the end of the week.
READ MORE: U.S. gas demands cause prices at the pump to jump dramatically in Metro Vancouver: analyst
While it could be reasonable to lay about 80 per cent of the blame for the increase in gasoline prices on refineries, McTeague says it’s also the gas stations themselves.
This is a new high by gas stations, McTeague said. Chevron, Esso and Shell all raised their retail margin by two full cents a litre in the past two weeks.
When’s the best time to buy?
McTeague says it’s always better to buy on the weekends. Or if motorists are willing to drive south of the border, gas is a better price, even with the exchange rate.
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