Metro Vancouver gas prices hit record high, but it’s only going to get worse: analyst

Gas prices in Metro Vancouver have hit a record high just days after analysts warned prices were only going to get worse.

Gas prices had been hovering around $1.50 per litre since the end of February, but now most stations are at $1.559.

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“That’s just slightly above the all-time record of $1.557, which we saw at most stations back on June 22, 2014,” said Dan McTeague, an analyst with GadBuddy.com.

He said residents may see some relief this Saturday, which he doubts will be more than a penny. But that will be short-lived, said McTeague.

WATCH: Metro Vancouver gas prices approach all-time record

2:45 Metro Vancouver gas prices approach all-time record

“The bigger picture is the chronic shortage of gasoline here in the Vancouver, Metro Vancouver, Lower Mainland, southwestern B.C. market.”

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McTeague said Metro Vancouverites should brace themselves as the region continues to head towards a $1.60 per litre later this spring.

A 2018 fuel price outlook report by GasBuddy.com predicted averages between $1.46 and $1.52 at the start of the year.

The average driver will spend an extra $600 to $700 annually to fill up, said McTeague.

— With files from Kyle Benning