Advertisement

Gas expert forecasts hike at B.C. pumps, between 5 and 10 cents a litre  

Click to play video: 'Gas prices rapidly increase across B.C.'
Gas prices rapidly increase across B.C.
If you need to gas up Wednesday, you'll probably notice a big jump at the pumps across British Columbia. Prices have already risen about 3 cents a litre overnight and will increase another 2 cents tonight – Oct 6, 2021

Just when you think 2021 couldn’t get any tougher, along comes news of a possible hike in gas prices.

On his Twitter feed, well-known gas-price guru Dan McTeague says most of Western Canada should see a three-to-eight cent hike in gas prices.

On Tuesday, McTeague, president of Canadians for Affordable Energy, is projecting a 10-cent jump for the Okanagan, but prefaced it by saying that’s assuming gas stations pass on a 12-cent retail margin.

Story continues below advertisement

He said gas prices in Kelowna are averaging $1.489 a litre, not far off the $1.45 it costs to buy fuel.

“You’re looking at an increase of about 10 cents a litre (in the Okanagan),” McTeague told Global News.

“It could be a little less than that, or gas stations may try to hold off in the Okanagan. But the reality is that there’s been a substantial increase in the wholesale price of gasoline in the past week.

“So, sooner or later (gas stations) are going to have to throw in the towel.”

Click to play video: 'What’s fueling the spike in gas prices across Canada?'
What’s fueling the spike in gas prices across Canada?

McTeague speculated gas prices of $1.57 to $158 a litre throughout the region, but said, generally, gas stations in Kelowna and Kamloops tend to hold off price hikes a day or two.

Story continues below advertisement

“But best if you are near a gas station (and) you see $1.48, pick it up,” he said, “because it’s not going to hold.”

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

He said some gas stations may not increase their prices quickly, but when “a couple start moving tonight or tomorrow morning, the rest will follow, usually within a couple of hours.”

For the Lower Mainland, McTeague said the region should see a hike of five cents a litre, up to $1.65 a litre.

He said motorists should see a three-cent hike on Wednesday, followed by a two-cent hike on Thursday.

Click to play video: 'New report on gas prices says B.C. drivers still paying more than is justified'
New report on gas prices says B.C. drivers still paying more than is justified

McTeague said the post-pandemic demand for oil is going through the roof, and that many regions across the world are short of fuel.

“And, as a result, oil is much greater demand than it ever has been.”

Story continues below advertisement

He continued, saying, “We’re very short of supply and this is not likely to end anytime soon. So expect prices to remain high at least for the foreseeable future, possibly into next year.”

Gas prices across B.C. and Canada, according to the website Gasbuddy.com as of Tuesday afternoon:

South Coast

  • Vancouver: $1.496 to $1.559
  • North Vancouver: $1.589
  • Surrey: $1.539 to $1.589
  • Langley: $1.529 to $1.589
  • Chilliwack: $1.369 to $1.499
  • Powell River: $1.649 to $1.789

Vancouver Island

  • Victoria: $1.479 to $1.549
  • Nanaimo: $1.529 to $1.559
  • Courtenay: $1.449 to $1.549
  • Campbell River: $1.509

Southern Interior

  • Kamloops: $1.479 to $1.499
  • Revelstoke: $1.499 to $1.599
  • Kelowna: $1.469 to $1.489
  • Penticton: $1.449 to $1.489
  • Vernon: $1.439
  • Osoyoos: $1.509
  • Oliver: $1.549
  • Cranbrook: $1.489 to $1.499

Northern Interior

  • Williams Lake: $1.429 to $1.449
  • Quesnel: $1.418 to $1.439
  • Prince George: $1.349 to $1.399
  • Fort St. John: $1.369
  • Dawson Creek: $1.275

North Coast

  • Terrace: $1.480 to $1.489
  • Prince Rupert: $1.539
Click to play video: 'International energy shortages impact food prices in Canada'
International energy shortages impact food prices in Canada

Prairies

  • Calgary: $1.259 to $1.319
  • Edmonton: $1.159 to $1.199
  • Regina: $1.209 to $1.319
  • Saskatoon: $1.229 to $1.319
  • Winnipeg: $1.316 to $1.389

Ontario

  • Toronto: $1.169 to $1.249
  • Hamilton: $1.249 to $1.369
  • London: $1.189 to $1.353
  • Ottawa: $1.265 to $1.346

Quebec

  • Montreal: $1.3690 to $1.419
  • Quebec City: $1.349 to $1.449

Maritimes

  • Fredericton: $1.375
  • Halifax: $1.318 to $1.368
  • Moncton: $1.327 to $1.379
  • St. John’s: $1.548
  • Summerside: $1.362 to $1.434

In Seattle, Wash., GasBuddy says gas was selling for around US$3.45 a gallon, which, according to one gas price calculator, works out to $1.15 a litre.

Story continues below advertisement

In Dallas, Texas, the average price was US$2.60 a gallon, which translates to 87 cents a litre.

Click to play video: 'It’s no joke: some April 1 tax increases are now in effect in B.C.'
It’s no joke: some April 1 tax increases are now in effect in B.C.

Sponsored content

AdChoices