Expect volatility: Analysts on Metro Vancouver’s gas prices

There doesn’t seem to be a consistent price at the pump Monday morning, so you may want to look before you leap.

Gas prices around Metro Vancouver are reported to be as low as $1.97 per litre to a high of $2.05 per litre of regular gas.

And with that, analysts say we should expect more volatility in the market. Experts at GasBuddy.com say the main driver will be a decision by the U.S. Federal Reserve on whether or not to increase its key interest rate.

“We’ve seen some hefty gas price increases in several provinces over the last week, primarily with data pointing to stronger gasoline demand in recent weeks, putting broad upward pressure on average gasoline prices in across Canada,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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“With the U.S. central bank meeting this week to potentially alter interest rates again, we could see some turbulence in oil markets, potentially impacting provinces where gas prices were quiet this week, while the areas that saw a big jump last week could see some moderate relief in the week ahead.”

GasBuddy says the average retail gas price in Vancouver has jumped 12.7 c/L in the last week, and now averages $2.03 per litre for regular gas as of Sunday. Comparatively, the national average as increased by 1.4 c/L, with the average last week sitting at $1.61 per litre for regular gas.

“Including the change in gas prices in Vancouver during the past week, prices yesterday were 27.1 c/L lower than the same day one year ago and are 21.8 c/L higher than a month ago. The national average has increased 6.9 c/L during the last month and stands 48.8 c/L lower than this day one year ago,” GasBuddy said in a statement.

Meanwhile, the average diesel price fell again last week to its lowest since early 2022, according to GasBuddy.