Gas prices jump 14 cents in two days in Metro Vancouver

Click to play video: 'Gas prices forecast to climb in Metro Vancouver'
Gas prices forecast to climb in Metro Vancouver
Metro Vancouver drivers are being warned the price at the pump is set to jump significantly this weekend, topping out at about $2.00 per litre. Alissa Thibault reports. – Feb 23, 2024

Gas prices have quickly increased in Metro Vancouver over the past 48 hours.

Prices have been seen as high as $1.88 a l in some parts of Vancouver and North Vancouver.

Some areas, like Surrey, are still seeing prices hover around $1.75.

Gas expert Dan McTeague credits the quick increase to supply shortages and the shutdown of Parkland Refinery in Burnaby.

Click to play video: '2024 gas price forecast'
2024 gas price forecast

“It is a bit of a delayed reaction. Markets are not necessarily responding like they have in the past … but the Parkland Refinery is still down and has been for quite some time and there is a shortage,” he told Global News.

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“This is the hard-hitting reality, which we should have seen a few weeks ago.”

McTeague said the price increase may stay elevated for some time and might increase by another 2 cents overnight Friday.

He also said prices in Washington have increased in a similar fashion.

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