Metro Vancouver gas prices hit an all-time high on Thursday.
A record-high price of $1.67.9 per litre was spotted in the region, breaking the record of $1.63.9 per litre, which was set back in October, and tied earlier this month.
Dan McTeague, a senior petroleum analyst with Gasbuddy.com, said the hike in the carbon tax that took effect on April 1 is a part of the price, but there is also another factor at play.
“Gas retailers are picking up another two cents a litre, they’ve just tacked this on to their 12-cent retail margins,” he told Global News.
WATCH: Gas prices set to hit all-time record in Metro Vancouver
McTeague said there could be a variety of reasons for why retailers are boosting their margin, but companies are not often clear with the public that they are doing it.
“They’re probably piling on, saying, ‘Look, refiners and wholesalers are going to make money and the B.C. government is going to pick up — along with the federal government — 52 cents on a litre of gasoline, making Vancouver at least the most taxed jurisdiction on fuel in North America. We might as well join the parade.'”
McTeague said Vancouver is also competing with California and other West Coast jurisdictions for gas refined in Washington state, where two refineries have faced recent problems.
McTeague said Metro Vancouver gas prices are up a net 27 cents on the year.
He said drivers looking to tank up are better off filling up on evenings or weekends, when prices tend to dip slightly.