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Metro Vancouver’s gasoline prices hit record highs during Russia’s invasion

Fuel prices are projected to peak at 183.9 cents per liter on Saturday, says senior oil analyst Daniel McTig.

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As foreign political turmoil is affecting local gas supplies, Metro Vancouver drivers may be paying more to fill their tanks.

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Daniel McTigue, senior oil analyst at Gas Wizard, said fuel prices are expected to peak at 183.9 cents per liter on Saturday.

“Prices soared as supply turmoil was perceived as Western nations were expected to stop selling oil and gas on Thursday due to sanctions against Russia,” McTigg said. “I haven’t seen anything like this in the 30 years I’ve done this.”

Metro Vancouver set a new record high last week when some of Langley and Sally stations were selling fuel for 182.9 cents per liter. By Friday, the highest cost of pumps in the area was 180.9 cents per liter.

“It will be a challenging summer,” Prime Minister John Horgan said at a press conference on Friday.

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British Columbia people understood in December that gasoline rations were needed and were a short-term solution to a complex problem, so they believed that citizens would understand that there were international reasons for the price surge. I did.

“Now we are in an international turmoil in the supply chain that affects supply here … Gasoline providers are not only gouging just because they see the opportunity, but also the cost of gasoline. You need to prove that you’re raising it because of uncontrollable input. “

The resulting price increases are short-lived, McTigg said.

“We found that there would be no shortage of oil and gas flowing from Russia to regular customers, including Canada, which imported $ 500 million of oil from the country last year, so the Metro Vancouver price will return to 181.9 cents. 1 Lit Sunday. “

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U.S. President Joe Biden said in a public speech Thursday that U.S. sanctions against Russia, the world’s second-largest oil producer, would not affect the oil market, according to McTigg. Dropped from $ 97 to $ 92 per barrel.

None of the other G7 countries, including Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union, have implemented sanctions that directly affect Russia’s oil sales.

However, due to regional factors such as regional taxes, gas prices in British Columbia continue to rise, and McTigg says it is the highest gas tax jurisdiction across North America.

“Metro Vancouver tax is about 63 cents per liter, which includes BC’s low carbon fuel standards, which adds 17 cents to the total cost of Metro Vancouver driver and vehicle fuel tax. And 18.5 cents will be added. “

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Starting April 1, a $ 5 carbon tax increase per ton of state will add an additional 1 cent per liter of fuel purchased from the pump.

Hogan has promised to take action in May 2019 when gas prices soar to 170 cents per liter. The New Democratic Party has ordered the BC Utility Commission to investigate why gas prices have risen (excluding taxes).

BCUC’s findings show a “significant unexplained difference” of about 13 cents per liter between southwestern BC and other parts of North America. Cost margins remain unconsidered.

When asked if he would cap carbon prices on Friday, Hogan replied, “We are ready to consider every opportunity needed to improve the lives of British Columbia citizens.”

— Use Tiffany Crawford files

sgrochowski@postmedia.com


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Metro Vancouver’s gasoline prices hit record highs during Russia’s invasion

Source link Metro Vancouver’s gasoline prices hit record highs during Russia’s invasion

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