As predicted, BC gas prices set another all-time record on Saturday, with some stations in Metro Vancouver advertising gas for 227.9 cents per liter.
Gas price analyst Dan McTeague, the president of Canadians for Affordable Energy, said on Thursday that he expected prices to rise 11 cents by the weekend, hitting the 227.9 price seen Saturday.
Since the cost of fuel first rose to more than $2 per liter in Metro Vancouver back in March, there’s been little relief in sight.
Experts and BC’s premier have largely blamed the Russian invasion of Ukraine for a trickle-down impact leading to the surging prices.
One energy expert told CTV News earlier this month there’s another major factor at play.
“The main cause for this is refineries,” said Vijay Muralidharan, senior analyst for Kalibrate Canada.
“Summer driving season has begun in the US, which de facto means that refineries are going to charge a premium to produce gasoline.”
A carbon tax increase also took effect in BC in April, bringing that tax up to 11 cents.
To offer BC drivers a bit of a break for high prices, Premier John Horgan announced a $110 rebate for most insured drivers in the province. Some residents will see their rebates arrive by direct deposit this month, others will receive a check in June.
With files from CTV News Vancouver’s Lisa Steacy and Alyse Kotyk