Metro Vancouver gas prices back up

Gas prices are already back up in many parts of Metro Vancouver, and it turns out they may rise even further.

Analysts at GasBuddy say supply is tightening once again. That coupled with refinery issues on the west coast means the price at the pump will likely increase in the coming days and weeks.

“Gas prices seem to have moved a bit sideways last week. Up in coastal markets and down in others, but we do have some perhaps short-term challenges that lay ahead,” explained Patrick De Haan, head of petroleum analysis at GasBuddy.

“While some provinces continue to see gas prices trend higher, the majority have continued to decline. However, this week could change the downward trend. We’ve seen some tightness in inland areas while coastal areas also continue to see increases as unexpected refinery issues continue to percolate, preventing a downward move.”

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However, while all this will likely translate into an increase in price for fuel, there may be some good news on the horizon for those who fill up with diesel.

“While gasoline could nudge higher, diesel prices should continue to ease after a much-needed jump in inventories last week,” De Haan said.

Prices for a litre of regular were hovering around the 194.9/litre of regular mark in some areas of Metro Vancouver Monday morning. Prices have remained in the low-to-mid 190s over the past week or so.

Some parts, however, are paying in the high-180s for a litre of regular. GasBuddy notes prices have risen about a cent per litre over the past week in Vancouver, averaging 193.57 cents per litre.

Nationally, the average price for a litre of regular has hovered at about 152 cents per litre.

“Including the change in gas prices in Vancouver during the past week, prices yesterday were 38.9 c/L higher than the same day one year ago and are 2.1 c/L higher than a month ago,” GasBuddy’s weekly analysis shows.