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Metro Vancouver gas prices set another record high with 6-cent overnight increase

Click to play video: 'Pain at the pump hits new high for B.C. drivers' Pain at the pump hits new high for B.C. drivers
For B.C. drivers, the pain at the pump has hit a new high. Gas prices Monday morning topped $2.30 at stations around Metro Vancouver, and as Jasmine Bala reports -- drivers are being warned the cost to fill up could keep climbing even higher -- as we head into summer – May 16, 2022

Gas prices have hit another record high in Metro Vancouver Monday at 233.9 a litre.

This is a jump of six cents from Sunday’s prices.

Drivers and commuters told Global News Monday they are hoping the prices are peaking and will start to come down but analysts have said they won’t be changing anytime soon and it’s expected to keep rising over the next few weeks.

“These are mind-numbing, eye-popping prices that … is probably not sustainable for most Canadians on fixed incomes/middle class,” Gas Wizard analyst Dan McTeague, also president of Canadians for Affordable Energy, said Saturday.

Read more: Weekend gas prices on the rise across Canada as experts urge motorists to reduce travel

Many experts have attributed soaring gas prices to market destabilization brought on by Russia‘s attack on Ukraine, as well as recovering global demand as COVID-19 restrictions ease.

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McTeague acknowledged those as factors, but characterized the spike as more of a supply issue that predates the war and is only being exacerbated now.

Click to play video: 'BC Liberals call on province to provide relief at the pump' BC Liberals call on province to provide relief at the pump
BC Liberals call on province to provide relief at the pump – May 13, 2022

B.C. Premier John Horgan was asked about the record-breaking gas prices on Friday and received some criticism when he responded, saying drivers should carpool, use alternative modes of transit and “think before” they drive.

Horgan says he is more worried about the inflationary impacts on things like food prices than he is about the cost of gas at the pump.

“We will have measures to help people reduce costs,” Horgan said.

“But right now I encourage people to think before you hop in the car. Do you need to make that trip? Can you do it with a neighbour or someone going by?”

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The B.C. Liberals have been calling on the provincial government to temporarily suspend provincial gas taxes and import taxes on gas from Alberta while creating a one-time boost to the Climate Action Tax Credit.

Horgan says he is not planning on freezing the gas tax to support drivers.

The province was able to convince ICBC to provide a $110 rebate for all drivers that will soon be arriving.

Click to play video: 'BC Liberals call on province to suspend gas tax, boost Climate Action Tax Credit' BC Liberals call on province to suspend gas tax, boost Climate Action Tax Credit
BC Liberals call on province to suspend gas tax, boost Climate Action Tax Credit – May 10, 2022

“I’m calling on the government to do a few things,” BC Liberal leader Kevin Falcon said Monday. “Number one, suspend all provincial gas taxes for a temporary period to provide an immediate break for struggling British Columbians because they’ve been hit so hard with this.

“Secondly, is to utilize the Climate Action Tax Credit, which was put in place by the BC Liberals to allow for a return of some of the costs of gas prices.”

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— with files from Jasmine Bala and Richard Zussman

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